Existing local wind farm community funds contribute over $150,000 in community programs each year.
This could rise to nearly $700,000 per annum by 2030 if current development plans proceed, which would see the total pool of funding exceed $20 million over the 25-year lives of these projects.
If adopted, a Moyne Joint Fund controlled by local residents would allow local wind Fund committees to resource more ambitious local projects if they choose to do so.
No changes to existing local wind farm Funds have been proposed. They would have the option to resource larger projects via the Joint Fund if they choose, or continue to operate as-is.
The idea for the Joint Fund came from the Moyne community.
RE-Alliance have been developing the model for the Joint Fund as part of our broader work to see renewable energy development benefit regional communities. We’re now asking for feedback on our model to make sure it’s the right fit.
RE-Alliance is consulting with the Moyne community on the nature and structure of the fund presently. The below information is a summary based on the draft charter developed by RE-Alliance, which sets out how decisions would be made if the Fund is to proceed.
Who decides where the money goes?
In our draft model, only local residents from wind farm communities in Moyne will have voting rights on the Joint Fund.
A committee would be formed to run the Joint Fund. Voting members would be representatives of local wind farm community Funds with two additional voting positions for community members. Moyne Shire Council and wind farm operators would hold non-voting advisory seats on the committee to bring strategic insight to the Fund‘s planning.
The Moyne Joint Fund would work alongside local wind farm community Funds, such as Macarthur, Salt Creek etc.
Decisions around how much money is diverted from local community Funds to the Joint Fund would be made by each local community Fund committee themselves.
The Joint Fund committee will decide on a 3 - 5 year strategic plan that identifies significant projects and plans. Local wind farm Funds choose to what degree they want to contribute to projects identified in the strategic plan.
The Fund will be administered by a trusted third party such as Bendigo Bank who will manage all the legal compliance and governance aspects of the Fund.
Why have a combined Fund?
A joint fund can prioritise projects and services that deliver the biggest bang for buck in improving the lives of people across Moyne. It could target community projects with longer time frames and work towards them in a long-term, strategic way.
Combined community funds could be used as seed funding for organisations to secure larger government and philanthropic grants or to secure loans against guaranteed income streams.
What are the next steps in establishing the Fund?
Re-Alliance will seek input and feedback on the draft charter from Moyne residents and local community fund committees before finalising the Fund Charter.
What is RE-Alliance’s role?
RE-Alliance is a not-for-profit organisation that supports local communities to get the best out of the transition to renewable energy including local jobs, grant programs, co-ownership and profit-sharing arrangements.
RE-Alliance will lead further community consultation on the Draft Charter and look to finalise the Fund design with the community. RE-Alliance will play no decision-making role in the allocation of funding or seek to be a beneficiary of any funding.
You can find our constitution here. Our independence is a fundamental principle that underpins the strength of our voice in the public discussion around renewable energy. Donors towards our work sign an agreement, relinquishing rights to direct our work in any way. Our current financial records are available at the Australian Charities and Not-for-Profits Commission.
If you want to discuss the Moyne Joint Fund, you can get in touch with RE-Alliance Victorian Coordinator, Tony Goodfellow at [email protected]