Thousands ploughed into Forest turbine
MORE than £300,000 has been invested into a Forest wind turbine in just four weeks.
More than 15 people have invested £330,000 in the 500kw turbine project at Great Dunkilns Farm, near St Briavels; the UK's first wind turbine to be financed "democratically".
The turbine is the brainchild of a company from Woolaston, which is employing local businesses to do as much of the building work on the site as possible.
Grandfather Michael Dunwell, 81, from Staunton, has invested £1,000. His son and grandchildren live close to the turbine.
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Mr Dunwell said: "I have done this for my grandchildren, to make them conscious of the need for something like the turbine. I would encourage others to invest in the turbine if they can because I think sustainable energy is essential. I already have solar panels on my home."
Another investor is Norman Fry, 65, who is retired and lives in Woodside, near Wollaston.
He said: "I wanted to put a small amount in a long-term investment, for which I don't think bank products or so-called buy-and-hold methods are currently suitable or financially worthwhile. Also, I view green energy favourably, including wind, and I support localism. I like the way these schemes allow local communities to share in any profits.
"Sustainable energy is very important. It is partly about reducing emissions and warming, but it also reduces fuel use, so contributes to energy security and as a buffer against fuel price rises.
"I would encourage others to invest but I think it should be as a long-term commitment."
Investors can earn up to eight per cent average per annum over the 20 years of the project, the company says. There will be an open day at the turbine on September 22 where everybody will have chance to look at the finished turbine and meet the team who built it.
A local beer is being brewed specially for the event.
Up until August 31, there is an early bird offer – investments can start at £5 and be made online at www.abundancegeneration.com.