The Society's purpose is to help create community resilience by supporting local community initiatives, especially those that alleviate fuel poverty for low-income residents, through the deployment of community-owned generating capacity.
The projected annual output is expected to average 1,550MWh/year over the life of the project.
The project will generate clean electricity which will help to avoid the burning of carbon intensive fossil fuels. It will also form part of the developing community energy sector in the UK.
The provision of significant local community benefits is central to REACR's vision, it intends to invest surplus from the operation of the wind turbine into a two tier scheme to benefit the local community.
Firstly 4% of gross revenue will be donated to a self-selected community panel drawn from the local Alvington/Aylburton parish. This panel will have the remit to distribute funds averaging around £15,000 - £20,000 per year which will add up to approximately £500,000 over the course of the project. This fund will support projects that deliver community resilience within the immediate local community of Alvington/ Aylburton.
A second scheme will be administered by the Directors of the Society, who will choose projects assessed by the Resilience Centre with the aim of using the remaining surplus to create a seed fund for both similar schemes and to consider more strategic projects that deliver clear community resilience and social benefit. This rolling fund is estimated to be worth a minimum of £500,000.
Future projects will be identified and assessed for investment by the board, and The Resilience Centre Ltd (the Manager) prior to any funding.
The Society aims to attract investment from both the Forest of Dean area and from further afield. Investors will become members of the society and so will be able to actively participate in contributing to the development of a major community energy project.
Members will receive an annual return and will have a say in how the company is managed, how much money is contributed to the local community fund and will be able to stand for election as directors.
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