By David Carnduff

NEILSTON is set for a £2 million boost from the sale of the village’s wind farm to an international renewables company.

The sale to The Renewables Infrastructure Group (TRIG) will see the creation of a new fund to invest in the long-term development of the local area.

The four-turbine 10-megawatt development, opened by Nicola Sturgeon as Deputy First Minister in 2013, was 28 per cent owned by Neilston Development Trust (NDT) and 72 per cent owned by developers Carbon Free.

A statement issued this week by Neilston Development Trust, on behalf of Neilston Community Wind Farm LLP, said: “After repaying the loans taken out to fund NDT’s share of the wind farm and deducting legal costs, there will be a surplus of approximately £2 million.

“This will be used to start a charitable fund to support local facilities, services, jobs and community life in the Neilston area.

“This sum is in addition to £400,000 already received by NDT over the last four years, which has contributed to the employment of staff and the provision of key services from the NDT’s ‘Bank’ community facility.

“The scale of the return reflects the strength of the investment model used by the Trust with substantially higher payments earmarked for the local community than would have been the case with traditional community benefit models.”

NDT chairwoman Pauline Gallacher said the agreement gives guaranteed funding to invest in the future development of the community.

She said: “The wind farm was not a risk-free investment but the high level of return over a short period is a tribute to those who supported the principle of a joint venture. We hope that this agreement will result in wider support for more community-led investments in Neilston and elsewhere.”

NDT said the farm, although successful, had been difficult to manage, and added that now was the right time to sell.

Gordon Keenan, chief officer, said: “Although the wind farm’s prospects are good, NDT found it difficult to manage the variations in income in light of the fixed interest loans we took out.

“This was caused by changes in oil and gas prices and the loss of certain subsidies. This extended the period before funds could be made available for community projects and grants.

“By selling our share of the project to a well-regarded and experienced investor, the funds are guaranteed and available, when needed, to support the sustainable development of the community.”

Joanne Karatzidis, investment manager at Social Investment Scotland, which supported NDT’s initial investment in the wind farm, said: “We are delighted that the NDT board has found a way to secure a long-term legacy for the community and look forward to continuing a positive and productive relationship with NDT.”

The windfarm will continue to contribute to Scotland’s green energy supply, generating 2.5 times the annual electricity requirement for Neilston.

NDT is to hold a community meeting to outline the plans for the new fund, which will be constituted as a Scottish Charitable Incorporated Organisation (SCIO), at St Thomas Church Hall, Neilston, on Tuesday, May 30 from 6-8pm.