We have reached our target of raising £1.75m through Triodos Bank’s crowdfunding platform which means we can now re-finance the turbine, saving a projected £380k in interest payments to our original lender and more money for Coigach!
From the turbine’s first year of operation, we now have £67k available for use in Coigach. We are developing our funding application processes following advice and ideas from others in similar situations. Earlier this year, directors Phil Shaughnessy, Steve Husband and Iain Muir made a study visit to Orkney where they had very helpful conversations with representatives of Rousay, Egilsay and Wyre, Westray and Shapinsay Development Trusts who have established robust processes (tried and tested over 7 years) to ensure fair distribution of funds. CCDC has since met with community groups to discuss instigating a similar system in Coigach.
Many thanks to all who helped promote the bond offer and especially those who invested!
Coming Soon: We are working on a newsletter to keep you up to date with our other activities.
(Coigach Community CIC is a subsidiary of CCDC)