Morton Fraser acts for Social Investment Scotland to secure largest community owned wind farm
The Banking and Construction teams at top ten Scottish law firm Morton Fraser, acted for Social Investment Scotland in their recent success in collectively securing a £15 million funding package to build the largest community-owned wind farm in the UK.
The funding package, agreed with Santander Bank, Highlands and Islands Enterprise, the Big Lottery Fund and Social Investment Scotland, will fund the building of three turbines on Lewis in the Western Isles.
Led by community firm Point and Sandwick Power, the turbines, once operational, will have the capacity to generate 9MW of power.
Susan Younger, partner at Morton Fraser said:
"Morton Fraser's Banking and Construction team are so pleased to have acted for Social Investment Scotland in their co funding of this Community wind farm in Lewis. This is a very specialised area and, with Social Investment Scotland, we have grown valuable expertise in this area.
“It was a real team effort to get this completed and it is especially rewarding to have been involved in a project that will be of such benefit to the community in Lewis. We look forward to seeing the turbines up and turning."
Alastair Davis, Chief Executive, Social Investment Scotland added:
“Social Investment Scotland is delighted to be supporting this project. In recent months we have supported a number of communities across Scotland who have carried out community renewable energy projects.
“The Western Isles project is particularly exciting: not only because of the obvious environmental benefits but the way in which it will significantly empower the local community to invest in a sustainable way in a range of community initiatives.”
The wind farm is anticipated to be operational by mid-2015 and is expected to generate £1 million per annum for the local community.
Note to Editors
Morton Fraser
Morton Fraser operates throughout the UK from offices in Edinburgh and Glasgow, employing over 270 people.
The firm offers commercial and private client legal services to businesses, the public sector, families and individuals
Morton Fraser clients include BAA (now Heathrow Airport Holdings), Diageo, Royal Mail Group, The Ministry of Defence, Transport Scotland, Tesco and Scottish Canals.
About Social Investment Scotland
Social Investment Scotland was established in 2001 to provide a new finance model for Scotland’s charities and social enterprises. Since then it has invested over £43m in almost 200 organisations across Scotland becoming Scotland’s largest Community Development Finance Institution. Projects that have benefited from the funding are worth in excess of £60 million and tackle a range of social issues including employment and training, health, arts and culture, care and the environment. Loan finance via Social Investment Scotland is available from £10,000 to £1m and is aimed at community enterprises and social businesses that might find access to finance from mainstream providers difficult. Social Investment Scotland also helps to manage funds on behalf of third parties with any profits being re-invested into social business development in Scotland. Social Investment Scotland currently manages the largest social enterprise fund in Scotland on behalf of the Scottish Government. The Scottish Investment Fund makes strategic investments in social businesses that can use the funding to upscale and transform the size of their business.
In September 2013 SIS launched its new five year strategy – A Framework for Growth – which set out a series of commitments for the organisation, grouped within five main themes, aimed at connecting more capital with communities.
www.socialinvestmentscotland.com
For further information please contact:
elaine@indigopr.com
Tel: 0131 554 1230
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