Local residents in Redruth funded the building of a wind turbine through buying community shares.
Redruth, once the centre of Cornwall’s mining industry, highlights the challenges that make communities in the UK face. Two in five are unemployed, often facing issues including fuel poverty and rising food prices.
Local residents are working together to find their own solutions to address issues in their communities. Near Redruth, Ecodynamic has installed a wind turbine to provide green energy and provide consistent revenue to support local projects.
The £350,000 for the project has been funded through a combination of community shares and loans. The investment will be repaid from revenues from feed-in tariffs generated by the wind turbine which is estimated to be around £45,000 a year.
Profits from the wind turbine will be reinvested to support organic, biodynamic farming grassroots projects for community benefit which will create local apprenticeships and provide high quality, local food for families on a low income.
Resonance invested in the project to catalyse more equity from retail investors in the community, enabling the project to be community owned.
Jari Moate, Senior Investment Analyst, Resonance