The municipality in Santa Margalida wants to build sustainable solar park with a difference. Unlike other solar installations, which are owned by companies and or local authorities, Santa Margalida want to do this in partnership with their residents.
The town has set aside a five hectare plot of land in their industrial estate and will for the first time in a project of this sort, look to residents to help fund the installation. In return those who invest will share in the profits from the sale of the electricity.
Spanish law on climate change has made this possible with local participation provided for in renewable plants with an installed capacity of more than five megawatts. The new park intends to produce 9.6 megawatts through two separate units each generating 4.8 megawatts. Santa Eulàlia I and Santa Eulàlia II, will be operated by two different organisation and will feed electricity into the grid independently.
The financing of the installations will come from residents (809,360 euros) and the balance from the local authority and the organisation chosen to run the independent units. Funding is being raised through crowd funding platform Fundeen, which specialises in sustainable projects. The minimum investment is 500 euros with a return of 6.5 percent per annum over seven years. A longer investment will provide a three percent return.
The installation is expected to save 3.11 tonnes of CO₂.
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