CPC launches second share issue

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Cornish residents have the opportunity to invest in local community-owned renewable energy generation as Community Power Cornwall (CPC) has launched its second share issue.

The co-operative venture is offering the public community shares worth £735k over the next three months.

Its first share issue three years ago attracted just over 100 members and raised £80k. Since then, Community Power Cornwall has installed two 80kw wind turbines at Gorran Highlanes and a 10kw wind turbine at BF Adventure, Halvasso.

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Nigel Faringdon (l) and Paul Martin at the Royal Cornwall Show

Shares in the co-operative went on sale on at Community Power Cornwall’s stand at the Royal Cornwall Show last week on for £1 per share with a minimum investment of £50 and a maximum of £100k.  The second share offer will close on September 14.

Neil Farrington, technical director of Community Power Cornwall, said: “It is a really exciting time right now for community owned energy.

“Each installation that we bring into community ownership represents an income stream for at least 20 years, which is diverted to serve the community rather than enriching distant private shareholders and leaving Cornwall.”

Paul Martin, executive director of Community Power Cornwall, added: “Our co-operative exists to serve the community by keeping more of the benefits derived from our natural resources in Cornwall and to do that we require capital.

“We’d rather pay interest to ordinary members than pay interest on loans. Therefore we want to raise community shares to both pay off the loans used to install our existing turbines and to reduce the borrowing needed to install new turbines and new roof mounted solar panels.

“Every pound raised from members in Cornwall is a pound less borrowed.”