One of the largest banks in the world has indicated it wants to invest in community-
The Santander banking group has agreed to lend about 70% of the £15 million for a
three-
The Point and Sandwick wind farm on the outskirts of Stornoway will be Britain’s largest 100% community owned wind farm.
Construction on the 9MW energy development is underway and is expected to save 13,600 tonnes of CO2 annually after it starts generating power next year. Enough energy for over 6,000 homes should be created returning a gross turnover of around £3 million annually.
Profits will be reinvested into community projects including insulating 350 homes, providing local villages amenities and job creation initiatives.
The Bethesda cancer hospice in Stornoway will receive a £20,000 donation every year.
Keith Wilson of Santander Bank toured his latest investment in wet and windy conditions on Friday afternoon.
Mr Wilson said: “We think the project is great and it really ticked all the boxes for us. This is the first one we have done as a bank but we hope it will not be the last one. We just need to find another one that is as interesting and exciting as this.”
He said the bank decided to invest after being impressed by the people involved.
Ploughing the profits into helping the community was a big factor in the bank’s attraction, he added.
He said the project resonates with how Santander likes to support local businesses which in turn helps local communities.
Donald John Macsween, general manager of Point and Sandwick Development Trust said: “This will be Britain’s largest wholly owned community wind farm with about £15 million of investment which I believe is one of the largest private investments in the Western Isles.
“Its taken about nine years for us to get to this stage but now the turbine sites are being built.
“By this time next year we will be pumping money into the local community.”
Santander blown away by community-
Donald John Macsween (left), general manager of Point and Sandwick Development Trust and Keith Wilson of Santander Bank