Over £700,000 Raised – Urras Energy Society Exceeds Expectations

Urras Energy has burst through it’s target for community share investment with the total raised standing at an impressive £705,800. This heralds a very exciting time for the Society in the months ahead with construction now underway and two additional wind turbines expected to arrive in the middle of the year to add to the rapidly growing community wind energy infrastructure across the Isle of Lewis.

The support from within the Galson Estate and the wider island community has been an essential driver in the project’s success. A total number of 168 investors made contributions to this project with the average investment throughout the Share Offer sitting at £4,056 in contrast to much smaller amounts experienced in previous community benefit share offers in Scotland.. The most common amount invested was £1,000 which was also higher than expected.

Founding member Agnes Rennie commented “I’m speechless! This clearly shows the support that exists for renewable projects which are founded on the best of community development and environmental principles.”

This unique investment opportunity created by Urras Energy was met with such enthusiasm from potential investors that two extensions to the deadline were put in place to allow extra time to ensure that all investors were able to get their applications submitted.

The confirmation of SEIS/EIS tax relief in late January has meant that all SEIS shareholder certificates have been issued. EIS certificate are now being prepared and are due to be handed out in the coming weeks.

Construction work has commenced at the turbine site in Baile an Truiseil on the West Side of Lewis. with Civil engineering work started on  23^rd  February for the seaward turbine hard standing and access road which is already ahead of schedule. The civil engineering contractor will then switch to preparing the access road and hard standing for the second turbine close to the existing turbine. Electrical works are due to start for both turbines at the end of May, followed by the arrival of the two turbines from Germany in late June. The turbines will be constructed in July and, hopefully, operational before autumn.

Urras Energy directors would like to thank everyone who has been involved for their support and help in promoting the Share Offer, and to thank the investors, in particular, for being showing their confidence in us to take part in this exciting project.

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