The Project
Harbour Wind is currently completing the feasibility study and undertaking community consultation. We do not yet have a location for the wind cluster. Harbour Wind envisages that the project will consist of four stages. We are currently in Stage One.
How it works in a nutshell
Essentially the construction cost of a community-owned wind cluster is paid for by local people buying shares in a co-operative company. The wind cluster will be profitable and will pay a fair commercial return as dividends to shareholders from the sale of electricity generated by the turbines. The wind cluster, of between one and six medium sized (approximately 500kW) turbines, is managed by the co-operative company controlled by the investors themselves. Investors get one vote irrespective of how much they've invested. In a unique Kiwi twist on the co-operative wind cluster model employed overseas, investors are also eligible for a bulk-purchase discount on their home electricity prices. For more details see [faq]
Why it isn't that simple
Harbour Wind will require thorough consultation, input and ownership with the local community. We need to find an appropriate location suitable to all stakeholders. We need to raise enough money for the design and resource consent process, and attain the necessary consents. Finally we need to raise sufficient capital with the share issue. This is more thoroughly explained in the timeline below.
Timeline for Harbour Wind
Stage One: Feasibility
- Legal Structure: Harbour Wind Ltd, a company
- Time required: six months
- Objectives:
- Confirm the basic financial and commercial feasibility of the project
(done)
- Identify optimal legal form (proceeding)
- Undertake initial community consultation (proceeding)
- Identify key issues for Stage Two (proceeding)
Stage Two: Project Development
- Legal Structure: Harbour Wind Ltd, a company
- Time required: eighteen months
- Objectives:
- Raise funding for Stage Two
- Full community consultation
- Identify one or more specific sites
- Undertake wind measurement
- Acquire resource consent for selected location
- Negotiate and confirm key contracts – landowner agreement, construction,
turbine and equipment supply, connection to the grid, power sale,
consumer co-operative power purchase
- Issue prospectus and raise funds from the local community
Stage Three: Project construction and implementation
- Legal Structure: a co-operative company
- Time required: six months
- Objectives:
- Transfer of the project to the co-operative company
- Construction of the wind cluster
Stage Four: Wind cluster operation
- Legal Structure: a co-operative company
- Time required: 20 years, the nominal lifecycle of the turbines
- Objectives:
- Handover of the project to a long-term board responsible for the
operation and maintenance of the wind cluster