CWP, the company behind the Sapphire wind and solar farms, says it will accept investment by local people.
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In what it claims is a first for Australia, the company said it had had pledges of a total of $5.4 million from “337 community members, with 80 per cent of pledges coming from the local area.”
It is not known if these are local individuals or whether businesses will also be allowed to put in money. It is not known, either where the 20 per cent from outside the area come from.
CWP said it was “extremely encouraged by the interest shown in community investment at the Sapphire Wind Farm. It exceeded our expectations and demonstrates the level of public interest in investing in large renewable energy projects, alongside institutional investors.”
The company will keep open its offer to allow further pledges of investment until the middle of the year, and it will extend involvement to the solar farm as well.
It’s going to have a community investment company set up. Into this, people will be able put money in return for a pay-out of what CWP previously said would be at least five per cent.
Outside finance companies would get involved: “Akin Consulting, together with Starfish Enterprises, will work closely with CWP Renewables through 2018 to finalise the design and establishment of the community investment company, which will begin operating when construction the Sapphire Wind Farm is completed in late 2018.”
And it advised: “For further information please read our updated FAQs. We will continue to send you regular enews updates as we develop the community investment company.”
