Fyne Homes said the 6.9-megawatt scheme at Auchadaduie, Glenbarr will produce enough clean energy to power around 4,000 homes, as well as generating £15.6 million of community and charitable benefit for the local community over the next 20 years.
The project will be built with an £11.4m investment from leading UK sustainable bank, Triodos Bank. The Scottish Investment Bank has also provided £2.82m of investment for the project via the Renewable Energy Investment Fund. Initial support for the project was provide by the Community and Renewable Energy Scheme.
In addition, the project has been assisted by the Scottish Government as part of a pilot to develop renewable income for reinvestment in 'affordable' housing and community priorities. Examples such as Islay Energy Trust and Tiree Community Development Trust have demonstrated the value of wind energy generation for community benefit.
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Further community engagement is planned over the coming weeks and an outline of the construction phase will be provided.
Colin Renfrew, Chief Executive at Fyne Homes, said: "Fyne Homes and the Fyne Group are delighted that this innovative project is about to start. We are appreciative that Triodos Bank and Scottish Investment Bank recognise the economic, social and environmental value of our three turbine development, providing essential investment to make the project a reality.
"The long term income from the three turbines will ensure the Fyne Group can continue to reinvest in our charitable objectives for social housing, local employment and sustainability, as well as providing investment for local priorities."
Norrie Cruickshank, account manager at Triodos Bank, said: "Fyne Energy is an exciting project that is going to tackle two pressing issues at the same time—affordable housing and clean energy. At Triodos, we work to make sure organisations like Fyne get the funding and financial support they need to have a positive impact on the local community."
Energy Minister Paul Wheelhouse added: "I am delighted that the Scottish Government has been able to support the Fyne Homes project through our flagship Community and Renewable Energy Scheme (CARES) delivered on our behalf by Local Energy Scotland.
"Community benefit is a valuable source of income for local communities located near renewable developments, and it is fantastic that this project will generate significant benefits for Argyll and Bute residents for many years to come, while also providing new revenue to support Fyne Homes' investment programme to meet local housing priorities."
(LM)
