Bath and West Community Energy (BWCE) is now two-thirds of the way to it’s £1.6 million target to build the Wilmington Solar Array near Bath, after passing the million pound milestone.
The share offer closes on November 14th, but the project has now raised enough money to ensure it goes ahead, with any shortfall in finance being underwritten by Resonance, a community share underwriting fund.
Pete Capener, Chair, BWCE, said: “It’s fantastic news that we’ve raised the first £1 million, guaranteeing the project can now go ahead.
“We are still open for new investors who will become part of an award-winning, established community enterprise set up for the benefit of our local communities.
“And, not only do they stand to earn a fair financial return from their investment; it will help to secure a community-owned project generating significant, long-term benefits for local people – cutting carbon and tackling fuel poverty – for many years to come.”
The investment return would come from the government’s Feed-in Tariff subsidy and the direct sale of the electricity generated.
BWCE has returned 7% per annum for the last 3 years to its investors and forecasts a similar 7% return on this project. The scheme is also eligible for the Enterprise Investment Scheme, which means qualifying taxpayers could boost potential returns further.
Surplus profits will be recycled back into the community through an independent Community Fund, which will make grants to local projects focusing on reducing fuel poverty and cutting carbon emissions, for example through local food production, transport and waste projects.
The Wilmington Farm Solar Array is expected to provide over £700,000 to the fund over its 25-year lifetime.
Planning permission has already been secured for the solar array, which would have an installed capacity of 2.34 MegaWatts, generating enough clean electricity to power the equivalent of over 650 average homes.
Shares in the community co-operative are being offered through Ethex, a not-for-profit website designed to make it easier for people to invest directly in social impact businesses.
Jamie Hartzell, Ethex Managing Director, said: “Community-owned renewable energy is one of the most popular areas of positive investment for Ethex and Bath is one of the most active places for it in the UK.
“BWCE not only has a track record in delivering clean energy installations but has an inspiring vision of local ownership which will help grow renewables in the wider community.”
The minimum investment is £500 and the maximum is £100,000.
For more information and to download a free Share Offer Document, visit the BWCE website: http://www.bwce.coop/invest/.
