Renewable energy co-op legislation on the horizon
Among issues raised by the co-op sector was a concern that the statutory limit on individual shareholdings in societies of €150,000 — or 1% of the total assets of a society, whichever is the greater — hinders renewable energy co-ops, due to their large capital requirements. Mr Bruton confirmed abolition of the limit on individual shareholdings is one of the legislative changes he will propose.
Communications, Energy and Natural Resources Minister Pat Rabbitte has confirmed that the Programme for Government commits to facilitate energy co-ops, in order to progress renewable energy uptake and promote local community acceptance of largescale projects.
However, he said the Sustainable Energy Authority of Ireland (SEAI) and the Western Development Commission have predicted significant resource difficulties for communities trying to develop 100% community-owned wind energy projects, given the considerable technical and financial challenges facing developers.
“The levels of risk and uncertainty appear to be too high for a community group to enter a development on their own,” said Mr Rabbitte.
He said the most promising investment option for community-based groups would be to participate in commercial projects once such projects have secured the requisite consents and contracts for scale of electricity.
