Share Offer breaks £2 million barrier

We are delighted to announce that our Share Offer has gone above £2 million which is the highest ever in Wales to our knowledge. Over 800 individuals have invested, but we received a particular boost with the support of the Friends Provident Foundation who invested £100,000. This is the maximum single investment allowed under a co-op Share Offer and represents a strong endorsement of our work.

Colin Baines, Investment Engagement Manager at Friends Provident Foundation said “We are pleased to be making our first direct investment in community energy by joining the Awel wind co-op. We view the transformative potential of community energy to be huge, not just in terms of low carbon transition but also regarding local economic and community resilience. We are particularly impressed with how the community took this project from inception to planning to generation themselves; no small feat that should maximise the project’s community value. Awel also has the right location, technology and expertise, plus a fair return on investment, which together with its social and environmental benefits, means it is a perfect investment for a foundation like ours that seeks to use its assets to progress its charitable objectives.”

Dan McCallum from Awel Co-op said “We are delighted to welcome Friends Provident Foundation as a member of our co-op.” Friends Provident funds a range of great projects across the UK and has a strong Vision “We want to help build a just and sustainable world where everybody can live meaningful lives, with respect and care for ourselves, each other and the planet. We believe that the purpose of money and the economy is to enable and serve human flourishing and a healthy environment, and that currently they do not. We work through grants, investments and our own activities, seeking to create a fairer economy that serves us all.”

Dan added “Six other charities have also chosen to invest in our community wind farm including the Environmental Justice Foundation and Vision 21 – we think it’s really important that charities follow strong ethical guidelines and invest in community energy. We would encourage other charities to do the same – it also will help engage them directly in onshore wind energy as one of the cheapest ways to generate energy to combat climate change, and projected to be the cheapest by 2025. This is according to the UK Government – we have to ask then, why is the government supporting fracking and nuclear which are far more expensive for the consumer and damage the planet?”

Horsepower! (picture by Awel member, Mike Harrison)

Directors of Awel have now decided to extend the Share Offer in order to refinance a £1.2m Welsh Government loan. This is a 15 year loan @7.5% interest so it will be better for the co-op members to refinance this through Shares. We will be keeping the interest rate for Shares @5% as per the existing offer.

We hope other charities will join us.

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