Early results show strong support for community investment in the Sapphire Wind Farm but more expressions of interest are needed for this groundbreaking project to go ahead.
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Sapphire Wind Farm will undoubtedly have environmental benefits. However community investment would also significantly increase the economic benefits for the local community.
The idea of being able to invest directly into a large scale commercial wind farm has struck a chord with locals across the New England North West.
Sapphire Wind Farm launched the concept with a series of Discovery Sessions in early September and asked the public to complete a survey to gauge interest in the idea.
With over 150 surveys now complete, early indications suggest that community members are embracing the opportunity to invest in what would be an Australian first. Whether the opportunity for community investment will become a reality will depend on the level of interest, including pledges, from community members.
New England Wind would like to say a huge ‘Thank you!’ to all of our supporters who have already filled in the survey.
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We need to work together to make this fantastic project a reality and support a sustainable energy future.
Although community investments in large-scale renewables projects are relatively common in Europe, this project would be the first of its kind in Australia.
The Sapphire Wind Farm is the largest wind farm currently under construction in NSW. Situated between Inverell and Glen Innes, the project has achieved a number of milestones, including surpassing the half-way mark of the development.
Taryn Lane from Akin Consulting travelled from Victoria to host the recent Discovery Sessions. “I’m very excited by the response that we have received from the community so far,” she noted.
For those unable to attend a Discovery Session, Taryn is happy to explain what it’s all about.
“The Sapphire Wind Farm is the first large-scale commercial energy project looking to have a public offer for the community to invest in a portion of the wind farm,” she said. “The investment model is likely to be an unlisted public company limited by shares,” Taryn explained. “While it is still to be determined, a fixed floor rate of return of 5-6% for the floor and variable cap is currently being considered,” she said.
The project will require a minimum commitment of $3M if it is to proceed. “The fact that $2.5M has already been pledged, with just 150 surveys completed in the first week, is a strong indication of the level of interest,” explained Ms Lane.
Community investment would enhance the economic benefits to the community which are already resulting from the development, as well as being a great opportunity for members of the public to invest in renewable energy assets.
