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Udny Community Wind Turbine
Renewable energy (Environment)
Two villages in Aberdeenshire – Udny Green and Pitmedden – have developed the first wholly community-owned, built, financed and operated wind turbine on the Scottish mainland. Since the Udny Community Turbine began turning a year ago it has generated more than £120,000 in income for the benefit of local people.
Energy is a necessity in modern life but the current dependence on fossil fuels to provide it has a high environmental and social impact. We believe that a fundamental transition is needed away from a carbon based economy to a renewable one. By lending and investing in this sector we try to stimulate this transition, with our main focus on financing solar, wind and hydro energy.
The directors of the Udny Community Turbine Company would like to thank Triodos Bank for their sound financial advice and financial planning, consistent practical support, flexibility and patience in helping us to develop a financial basis for our project that has turned theory into reality. We have spent five years planning and designing this project for the Udny Community. During the last 1-2 years Triodos Bank have helped us to develop financial models for the purchase and installation of the wind turbine at Udny and financial forecasts that have allowed us to plan for the future in a realistic manner. Their initial support catered for 75% of the capital cost of the turbine but, after changes in EU regulations which meant we had to repay £500,000 of grant aid, Triodos Bank were able to fill that funding gap - a major achievement under the current economic climate and a reflection of the bank's flexibility and support for this community-based project.