Eilean Siar energy has been established to explore in detail the next steps to progress, and make best use of, community ownership stakes of up to 20% that have been negotiated into both the Stornoway and Uisenis Windfarm projects.
If the total 20% is delivered it will place around 80MW of wind energy generation in community control, creating the biggest community owned wind project in the UK.
Eilean Siar Energy will build on the work of the joint venture of Comhairle nan Eilean Siar, Stornoway Trust and Muidheabhal Community Energy Trust.
Speaking at the launch event, Mr. Norman MacIver, Chairman of the Stornoway Trust and the ownership working group, said:
“Major renewable developments must bring real benefit to the community of the Western Isles. Having assessed options it has long been agreed that the best way to ensure this outcome is to secure an ownership stake in wind farm developments. This is an ambitious and challenging project, but one that has the potential to deliver transformational economic benefits across the Outer Hebrides. Launching Eilean Siar Energy is an important and exciting milestone that begins to make tangible a development prospect that has been under discussion in the Outer Hebrides for the past 25 years.”
“The establishment of Eilean Siar Energy is a first, important step, but there is much work to be done over the next period. We will shortly be embarking on a period of detailed legal and financial due diligence to identify the most efficient delivery model and to fully understand the economics of the project. We also want to engage and consult with the community, in due course, to discuss the scale of the opportunity and to hear community aspirations around the dispersal of any funds arising from the ownership stake in the projects.”
“Over the next period we will also be working to deepen the good initial relationships we have developed with a range of public and private financial institutions. I am extremely pleased with the initial warm market reception to the project and to our ideas. There is a long way until a final investment decision is achieved, but market engagement to date makes me confident that we have an excellent proposition and a very deliverable project.”
