Clydesdale Bank backs £2m community owned wind turbine

The Greenmyres Community Wind Project will see a 500kW Enercon wind turbine erected on Greenmyres Farm – a 63 acre area, south of Huntly.

The project is being managed by the Huntly and District Development Trust (HDDT), a charity which aims to improve the social and economic life of the Huntly area. It is hoped the new turbine will bring in significant funding for social investment to the community over the next 20 years, which the HDDT will reinvest in socially useful projects such as improving transport links, revitalising the town centre and supporting local charities.

The £2,000,000 project finance package was arranged by the Renewable Energy Team at Clydesdale Bank and makes up 80% of a total of £2,500,000 combined support delivered by the Bank, Social Investment Scotland and the Scottish Government’s CARES scheme.

As part of the project, people in Huntly and beyond will also have the opportunity to purchase shares in the project. Shares will be made available in the spring of 2017.

Commenting, Richard Hammock, Chairman of Greenmyres Renewable Energy – a subsidiary of Huntly and District Development Trust, said:

“The Greenmyres Community Wind Project has been in process for more than five years now, and it’s fantastic to see construction underway on the farmland the Trust recently acquired for community use. The turbine will be a valuable resource for creating clean, green energy, which the local area will benefit from economically, as we look to reinvest profits to good use within the region.

“The Clydesdale Bank and its project finance offering have played a key role in enabling us to undertake this community project. The team at the Bank have been knowledgeable, helpful and efficient, and we would like to extend our appreciation to them for all their help in getting to this stage.”

Adam Heslop, senior director for Clydesdale Bank’s renewables team, said: “The Greenmyres Community Wind Project will bring substantial benefits to Huntly and the surrounding area. It marks one of a number of avenues Huntly and District Development Trust is pursuing to help improve the area’s prospects and Clydesdale Bank is proud to play a role in supporting them.

“Renewable Energy is an important sector for us and we’re delighted to be able to use our knowledge of the market to provide specialist funding and support for projects such as this one. We continue to welcome opportunities from similar organisations and projects to provide project finance solutions to help them achieve their aims.”