DONG Energy has committed to a Community Benefit Fund (CBF’) worth up to £660,000 each year, which will go ahead if the company makes a positive financial investment decision to construct the extension to the Walney offshore wind farm, and would come into effect after the construction starts, which is currently estimated to be at the end of 2015.
The CBF amount of up to £660,000 annually includes a small administration fee to a third party charity GrantScape for managing and supporting applications and grants.
The final value of the CBF will be subject to the final installed capacity of the project, which will be determined at the end of 2015.
DONG Energy intends to offer CBF for the lifetime of the Project. The CBF will be reviewed annually together with GrantScape to ensure the fund is being spent effectively. On an annual basis, DONG Energy will disclose the total spend on community benefit funds.
The company has appointed GrantScape to carry out local consultation to seek views from all stakeholders on how the CBF should be set up. The process will commence in April 2015 with an online consultation survey.
Once DONG Energy knows if the Project will go ahead, GrantScape will hold a series of public exhibitions to allow all stakeholders to find out more about the CBF and to share their views on where and who should benefit.