Thank you for your interest and support in this community project and the Alvington Turbine Community Resilience Fund. The society has set up this web page to ensure that the most current information is accessible to both society members and others within the local community to ensure consistency in both the information released and the timing of updates.
The 500KW Community Wind Turbine at Alvington is owned and operated by Resilient Energy Alvington Court Renewables (REACR), a Community Benefit Society registered with the Financial Conduct Authority.
The turbine was installed on 24th November 2015 with commissioning completed in early January 2016. The turbine is generating clean, green electricity in line with expectations and is well placed to deliver against the society’s social aims over the turbine’s operational lifetime. These include the Alvington Turbine Community Resilience Fund which provides grants to help address current needs and future challenges in the host community of Alvington, Aylburton and environs. Go to the June Update for more details of the fund and a link to the Application Form. Check out the September Update for details of the latest grant recipients.
The society is committed to making a positive difference locally in addition to the environmental benefits directly associated with the generation of renewable energy.
OPPORTUNITY TO BUY SHARES IN THE ALVINGTON TURBINE PROJECT
Resilient Energy Alvington Court Renewables has launched a new Share Offer to give those who missed out on the opportunity to invest in this community project at the construction stage a further chance to get involved. All new REACR shares issued are expected to attract members interest at an average annual rate of 6% (set at 0.75 of the 8% average annual rate that pre-construction investments are expected to receive, reflecting the lower risk associated with an operational wind turbine project). As with previous REACR Share Offers, this Offer is being administered by ethical investment platform Ethex – Full details and access to the Share Offer document (with Application Form) at www.ethex.org.uk/REACR2017. Or by clicking on the image.
For people living within the Forest of Dean area, Share subscriptions start from a minimum of £50 as the society wants as many local people as possible to have the opportunity to become involved if they wish. Supporters of the project from further afield are not excluded, but will be required to invest a minimum of £250 in shares. The maximum permitted individual investment in this share offer is £100,000. The society is operated democratically – one member one vote – regardless of investment made.
The funds raised through this Share Offer will be used to refinance an existing construction stage loan set at 9% per annum; a loan which the society has been tied in to until recently. The issuing of new community shares will directly reduce operational costs for the society, increasing the society’s predicted surplus income, all of which must be allocated for community benefits as specified in the Society’s rules.
REACR is already awarding grants from its Alvington Turbine Community Resilience Fund (based on 4% of turnover) – see details of the latest allocations in the Spring 2018 update. Society surplus will be an additional source of funding for community benefits in the broader Forest of Dean area, with a focus on the GL15 postcode area.