Managing community funds

Soirbheas

Soirbheas is a partner with the Girvan family in the development of a five turbine wind farm at Corrimony, Glen
Urquhart. The structure agreed on was the best compromise for all parties (including their funders).

 

Soirbheas deal structure

 

Soirbheas’ main funder is Social Investment Scotland, which has lent Soirbheas £250,000 and provided a grant of £250,000. Soirbheas Trading Limited has lent the money to Corrimony Energy as part of Corrimony’s overall funding requirement. The interest and repayments of principal will be paid to Soirbheas Trading Limited once the wind farm is up and running. Much of this money will be used to repay the loan from Social Investment Scotland and any surplus will be paid over to Soirbheas. In addition, Corrimony has agreed to gift further amounts to Soirbheas, reflecting the long-standing intention of the Girvan family that the communities of Glen Urquhart and Strathglass should have a share equivalent to a turbine’s worth in the wind farm.

Through a process of research and community engagement four broad objectives have been identified:

  • Eradication of fuel poverty
  • Protecting the unique environment
  • Economic community growth
  • Quality of life for residents

The activities to achieve these objectives and the process for allocating the income have still to be developed.

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