The Central NSW Renew-able Energy Co-Operative will hold its official formation meeting and launch at the Flannery Centre on Wednesday.

CENREC executive officer Dr Jess Jennings said the co-operative will play two roles. 

“It will act as a general information resource for the community, providing information such as how people can increase the energy efficiency of their home, and what grants or solar options are available,” he said.

“There will also be an opportunity for direct financial investment.

“Our aim is to purchase a wind turbine in Infigen Energy’s new wind farm at Flyers Creek, 20km south of Orange.

“The wind farm is expected to be approved by the end of this year.”

Dr Jennings said it was CENREC’s intention to purchase a turbine and then sell the electricity produced to a retailer.

“This is how we will make money on the investment,” he said.

“It’s not a small investment, the turbine will cost $6.3 million.

“We will be looking at generating 9200 megawatts of energy per annum, which is the equivalent of providing the energy needs of approximately 1300 houses per year, or powering 10 per cent of Bathurst homes.

“Another benefit is that it will mean 6800 tons of greenhouse gas emissions will be eliminated.

“The 43 other turbines in the Infigen project will result in six million tons of greenhouse gas emissions being eliminated.”

The minimum shareholder buy-in is 1000 shares, at a cost of $1000.

Dr Jennings said the return over the investment period will be in the range of 6.5 to 8 per cent.

“If the carbon tax stays in place it will be eight per cent. If it is removed it will be 6.5 per cent,” he said.

“The projected life of the turbine is a minimum of 20 years.

“The return on the investment won’t be realised until the electricity generated is sold, which will take 18 months to two years, so it is a medium to long-term investment.”

Dr Jennings said there had been strong interest in the project.

“We need to get a legal entity formed to allow people to express their interest in a tangible way,” he said.

“The project is increasing efficiency and the transition to a low carbon economy. It is walking the talk, with or without a carbon tax."

The official formation meeting of board and financial members will take place at 11.30 am on Wednesday, followed by the public launch of CENREC.

Anyone interested in finding out more about the project is welcome to attend the noon session.

Further information, as well as the disclosure statement and co-operative rules, can be found at www.cenrec.com.au