Co-op are encouraging people who live within 20 miles of Wemyss Bay to take out shares investing in turbines.

The company aim to raise £550,000 to support wind turbine installations, after raising over £1m this summer

As the community energy sector has been hit by subsidy cuts and tax changes over the past year, the Small Wind Co-op are hoping to capitalise on "a significant appetite for renewables projects" that offer local communities the chance to invest.

The developer launched its second tranche of shares to fund the installation of farm-scale wind turbines at Wemyss Bay, and in Ceredigion, Wales, marking the first time a community energy project has brought together wind projects in different countries within the UK.

The share offer, which aims to raise £550,000, follows a successful first round over the summer, which surpassed expectations by raising over £1m from more than 300 investors. Work is now underway on erecting two 100kW turbines at Kelly Bank in Scotland. The Small Wind Co-op said it is keen to develop more sites in the future.

The latest share offer promises returns of 6.5 per cent over 20 years on a minimum investment of £100. The Co-op said people who live within postcodes that are within 20 miles of the projects will benefit from £100,000 of shares set aside for local investment for the first two weeks of the offer period, which runs until November 1st.

"Over 300 people joined us to help raise over £1m this summer, which means the groundwork is now getting underway in Inverclyde," said Jon Halle, director at Small Wind Co-op. "We're building on that momentum with our second offer and we really want to encourage those living in the vicinity of the turbines to join our supporters from across Scotland and the UK."