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Landowners net 250% hike in rental income from wind farms
Credit: By Scott Reid, www.scotsman.com 15 February 2012 ~~
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Scottish landowners have enjoyed a 250 per cent hike in rental income from wind farms during the past decade and are set to see further rises this year, research has revealed.
Rents to landlords such as farmers and estate owners increased by up to 15 per cent in 2011, according to property consultancy CKD Galbraith.
However, its study also notes that wind farm developers continue to face challenges in completing projects, particularly with regard to planning consent and grid connections. CKD is forecasting more muted growth in rental incomes during 2012.
The firm, which has 12 offices throughout Scotland, said wind power enabled landowners to generate income from other sources, helping to diversify away from more traditional land use. At the same time, local communities often benefit from the setting up of an investment fund by the wind farm developer.
Mike Reid, a Fife-based partner at CKD Galbraith, said: “Wind farms are not only a highly effective means of generating renewable energy, but they also provide additional investment to create and preserve employment and economic activity in rural areas.
“The best rental figures tend to be seen where it’s easiest to obtain planning consent, wind speeds are the highest and the cost of grid connection is not prohibitive. The big problems have been planning and grid connection and it is not getting any easier.”
The firm’s energy research department found that 13 wind farms became operational last year, though 17 proposed developments were refused planning permission.
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