Wind Farm debate: Squadron Energy’s co-investment scheme test regional Australia
As the renewable energy landscape continually evolves, Squadron Energy’s co-investment program raises the question for regional Australia: should they embrace wind for local development?
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Opinions may be divided over the pace and rollout of renewable energy assets but some operators are adopting strategies that benefit entire communities, not just the landholders hosting the infrastructure.
Squadron Energy, an Australian-owned operator of wind farms, is offering residents in regions where it operates a chance to share the profits from selling wind-powered electricity.
The company’s Sapphire Wind Farm, located in the New England region of NSW, has secured $1.8m in investments for a 10-year term since its launch in 2017, with contributions from local residents and participants from the ACT.
Squadron partnered with the DomaCom platform, an ASX-listed investment entity, to manage the investment funds.
Ed Mounsey, executive general manager of development at Squadron Energy, emphasised the significance of community support in driving its renewable energy projects forward.
“The key thing for us is that we can’t develop our projects without community support [and] we can’t achieve the government’s clean energy goals without that,” he said.
“So this is one of many community investment or benefit-sharing opportunities that … help facilitate economic development in the regions.”
A new co-investment program will be rolled out in the Central West Orana Renewable Energy Zone, providing investment opportunities to all residents within the region.
With investments ranging from $1000 to $200,000, participants will receive an annual return on their contributions.
For those residing within eight kilometres of the wind farm projects, Squadron Energy is offering matched investments of up to $2,000, further incentivising community involvement.
Barrie McMahon, 89, of Warialda, said his $30,000 investment in the initial scheme at Sapphire had achieved a return of 6 per cent over 10 years.
“I have been very active on the climate change side of things, my career was as an engineer with a gas company, so I knew all about the thermodynamics of climate change,” Mr McMahon said.
“I am very glad that at the time I had the chance to put money into the wind farm because I really, in my heart of hearts, believe it should be Australian money doing all this work and I jumped at the opportunity.”
Squadron’s co-investment opportunities are expected to expand into other regions where the company has projects.
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