The Society is the result of a ground-breaking framework agreement between the commercial developers Falck Renewables Wind Limited and Energy4All Ltd, a not-for-profit company created by the successful and long-established Baywind Energy Society in Cumbria.
Assel Valley Community Renewables Society was established in 2018 for the specific purpose of owning a stake in Assel Valley wind farm, that has been constructed by Falck in South Ayrshire. Assel Valley Community Renewables Society will give local people an opportunity to invest in renewable energy generation, and will be the sixth community owned wind farm society formed under the Falck Framework Agreement with Energy4All, and Energy4All’s twenty fifth society. Assel Valley Community Renewables Society will follow the practice of other Energy4All societies and seek to support local environmental and energy conservation initiatives.
Assel Valley Community Renewables Society is a community benefit society registered with the Financial Conduct Authority (number 7834). As such it is a society owned by and managed for the benefit of the community by its members, who are protected by limited liability status. Its constitution is in the form of Rules approved by and registered with the Financial Conduct Authority.
As a society, Assel Valley Community Renewables Society is driven by high ethical standards as defined by the international co-operative movement and by the values of co-operation and democracy as well as a commercial ethos.
Constitutionally, key characteristics of Assel Valley Renewable Energy Society, as a Society, are:
• a member must have the minimum number of Shares;
• there is a single class of Shares with a nominal value of £1;
• all Assel Valley Community Renewables Society Members have one vote regardless of how many Shares they hold;
• no member, except another Society, may hold more than 100,000 Shares;
• the Board is elected by the Assel Valley Community Renewables Society Members; and
• only Assel Valley Renewable Energy Society Members are eligible to serve on the Board.