The purpose of the IECBS is to raise funds to finance the installation of the community wind turbine at Castlehill. A community benefit society is set up and run by its members in order to conduct business for the benefit the community. The members are people and/or organisations who buy shares in the society, and receive interest on their investments.
The profits made by the society are used to provide benefit to the whole community. Each member has one vote irrespective of the amount invested, and the Board of Directors is elected by the members.
The intention is that IECBS will generate revenues from feed in tariffs and the sale of electricity from the community wind turbine at Castlehill. It is estimated this could yield £60-80,000 p.a. for the community for twenty years. To purchase and install the wind turbine£650,000 needs to be raised. The plan is that a share offer will be launched in January 2014 once IECBS has been formally registered,and people and organisations will be invited to purchase shares. It is likely that the minimum investment will be
Further information can be obtained from Lindy MacLellan at the Islay Energy Trust.