Crowdfunding: Citizens buy shares in a wind farm

In 2017, 239 people invested €865,000 to acquire a portion of the shares in the company that operates a six-wind turbine farm in Loire-Atlantique. Today, we invite you to discover the history and current events of this participatory shareholding project.

The Renardière Wind Farm: a regional project

The Renardière Wind Farm is a wind farm currently in operation. It was developed by the Zéphyr company in the municipalities of Saint-Vincent-des-Landes and Issé in Loire-Atlantique (44). The farm is managed by a project company created for the occasion in 2007 and named "Parc de la Renardière". This SARL was financed by the banks Crédit Coopératif and Oséo (formerly BPI) and counts LAD-SELA among the initial investors.

LAD-SELA is a mixed economy company [note]“A mixed economy company is a legal entity under private law, established in the form of a public limited company under commercial law, and having the particularity of having share capital shared between public and private shareholders. » See: Dalloz »[/note] of the Loire-Atlantique department involved in real estate development and the development of renewable energies in its territory.

Commissioned in June 2010, the park is composed of 6 wind turbines with a unit power of 2 MW, bringing the total power of the park to 12 MW. These machines are Senvion (MM92) with 100-meter-high tubular masts and 46-meter blades.

Opening up the Park's shareholding to citizens

In order to pursue its objective of economic impetus and project development in its territory, LAD-SELA therefore needed to recover its funds. After more than 5 years of presence in the Park's shareholding, it decided to sell its shares, which was enshrined in the company's statutes from the outset.

Furthermore, the statutes also set out the ambition of allowing citizens to acquire these shares in place of the semi-public company. To do this, Zéphyr therefore resorted to crowdfunding.

The purchase of the SEM shares by citizens

In order to achieve this substitution while ensuring functional governance and a significant weight for the citizen component, the creation of a structure intended to bring together citizen investors in a single entity seemed the most appropriate solution. Thus was born the "Société Citoyenne Vincentaise".

The investors therefore directly became shareholders of this citizen company. The latter replaced LAD-SELA by buying back its shares in the company "Parc de la Renardière".

One ​​year later, climbing the wind turbines and first shareholders' general meeting

The General Meeting of the Société Citoyenne Vincentaise, formed around Enerfip investors, was held on Friday, October 26, 2018.

First, at 11 a.m., the twelve people who wished to do so were able to climb the wind turbines. This original visit was organized by Zéphyr and its maintenance team. Equipped with harnesses and safety harnesses, the participants climbed a 100-meter ladder in groups of 5 after having read the instructions given by Christian Briard, manager of Zéphyr. Everyone managed to climb and then descend.

"Once we reached the top, the foggy weather made the view even more spectacular" – Sylvain, SCV shareholder

In the gondola, a technical explanation of how the rotor, the gearbox, and the generator worked was given. Visitors then reached the summit through a hatch leading to the gondola. Sylvain said: "Once we reached the top, the foggy weather made the view even more spectacular." Sébastien, Enerfip's CFO, attended and also found the "view breathtaking, sensations guaranteed at 100m high in an eight-square-meter basket."

"Breathtaking view, sensations guaranteed at 100m high in an eight-square-meter basket" – Sébastien, CFO of Enerfip

At 1 p.m., the adventure continued with lunch at La Pile d'Assiettes, a charming restaurant located near the site.

The General Meeting began at 2 p.m., bringing together around ten shareholders. It was introduced by a presentation of the park's results by its manager. This was followed by the presentation of the management report, the results, and then the resolutions of the Société Citoyenne Vincentaise. The proposed resolutions were unanimously approved by the shareholders present. Before concluding the AGM, Enerfip answered numerous questions from shareholders, such as dividend taxation and exit options.

The feedback from Société Citoyenne Vincentaise shareholders was very positive, particularly regarding the impressive escape from the top of the wind turbines.

Thanks to Sylvain for kindly granting us the right to use and distribute his photos.

To the editor: Alexis

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[accordion-item title= »Some data on the farm (Click to expand) »]The Renardière wind farm produces an average of more than 28,500 MWh (i.e. 28.5 million kWh) per year, which corresponds to the total energy consumption of approximately 11,900 people living in France (source RTE). This production will help preserve the environment by using clean energy to replace fossil resources. Compared with a coal-fired power station, this wind farm will avoid the release into the atmosphere of 19,000 tonnes of CO²[note]Each year for the same quantity of electricity produced. Source RTE[/note].[/accordion-item][/accordion]