£400k boost for eco firm
A SOCIAL enterprise eco firm being backed to the tune of nearly £400,000 by a regional development agency, could lead the way for private companies to profit from wind energy.
Community for Renewable Energy (CoRE) plans to install five turbines at sites in Stockton, at a cost of around £5m. If successful, the firm said the wind turbines could offer a return of £10m over the next 20 years, through the sale of electricity to private companies and the National Grid.
Project bosses are assessing sites to see if there is enough wind power to make the plan viable.
CoRE ploughs profits from its renewable energy systems into community activities and further eco-projects and was highlighted in One NorthEast’s programme to ease the pain of energy bills for consumers, announced this week. CoRE manager, Ross Weddle, said: “From our point of view, they are viable. The next step is to put Met masts up to gauge what kind of turbine is best suited to the sites and decide whether the investment stacks up.”
It has yet to submit planning permission.
CoRE, which hopes to expand into the North-west and Yorkshire next year, is a social enterprise project which has received £377,000 of investment from One NorthEast.
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