Glen Earrach Energy has signed the Highland Social Value Charter and pledged what is being described as Scotland’s largest ever community benefit fund linked to a renewable energy project.
The proposed pumped storage hydro development near Loch Ness has committed to allocating 5 percent of its annual gross margin into a Community Wealth Fund estimated to deliver more than £20 million each year.
The project would create a fund potentially worth around £3 billion over its projected 125 year operating lifespan if approved.
Glen Earrach Energy becomes the second organisation to sign the Highland Social Value Charter following SSEN Transmission in 2025.
The charter is a nine point framework created by The Highland Council designed to ensure renewable energy and infrastructure developments deliver long term social and economic benefits to Highland communities.
The proposed 2GW pumped storage hydro scheme is planned for Balmacaan Forest beside Loch Ness.
Developers say the project could support the equivalent of 285 jobs during pre construction works and rise to 1,765 jobs during the main construction phase.
A further 41 permanent jobs are expected once the site becomes operational.
The Community Wealth Fund would focus primarily on the Loch Ness water catchment area while also allocating 20 percent towards strategic projects across the wider Highlands.
The wider package of proposed benefits includes affordable housing, investment in the A831, nature restoration projects, outdoor access improvements and workforce skills development.
Roderick MacLeod said:
“The GEE Community Wealth Fund is about more than sharing the benefits of clean energy.
“It is about creating long term value for the communities who make this project possible.
“We have listened carefully to local priorities and worked with communities and partners to develop a model that is transparent, independent and built for the future.
“Our aim is simple to create a fund that delivers real impact, not just for the next few years, but for the next hundred and beyond.”
Leader of The Highland Council, Raymond Bremner, welcomed the agreement.
“The commitment shows how major investment in renewable energy can be shaped to deliver meaningful, long term benefits for Highland communities when social value is placed at the heart of development.
“Should the project proceed, the Charter provides a clear framework for ensuring communities share directly in the benefits through targeted investment in housing, skills, infrastructure, and local resilience.”
To find out more about the Social Value Charter, contact Grant Campbell, Economic Development Manager, The Highland Council. Email grant.campbell@highland.gov.uk
