SOL is governed by its rules and the co-op is currently run by a founding Board. In the summer of 2013 the co-op, supported by Energy4All will raise the necessary finance by issuing a share offer document and will launch a share offer enabling members of the South Lanarkshire public and beyond to become members of the co-op by purchasing shares. Individuals, businesses or any organisation may invest between £250 and £20,000 in the co-op and receive shares. The Co-op is looking to raise a maximum of £2.7 million in total.
After payment of the operating costs, the surplus profits will be available to distribute as a share interest payment to members.
At the end of the life of the wind farm, (normally 25 years), the co-op will oversee the repayment of each member’s original investment in full.
Throughout its life, the co-op will be supported by Energy4All, which will supply a comprehensive package of management services, including accountancy, share register management and general administration.
Each year the co-op will hold an Annual General Meeting (AGM) – to which all members will be invited, and where the activities of the co-op and the performance of the wind farm will be discussed. Motions will be put before the AGM as follows:
Approve Annual Accounts
Approve distribution of profits
Appoint Board Directors