Bath & West Community Energy Raises a Million Pounds in a Month for Crewkerne Solar Array
- New Crewkerne solar array is one of largest community-owned clean energy projects in the UK
- BWCE welcomes new bond and share investors from South West
- Opportunity to invest in Crewkerne solar array via bonds or shares open until 12th July 2016
The latest opportunity for investment in a new community-owned clean energy scheme by Bath & West Community Energy (BWCE) has raised more than £1.4 million since it opened on 17th May, welcoming new investors from all over the South West.
Opportunities to invest still remain: the current fundraise runs until 12th July and there is a target of £2.63 million to raise. BWCE will be investing the £2.63 million alongside a loan of £3.33 million to purchase and develop the solar array in Crewkerne, Somerset. And with the recent news that UK solar panels generated 50% more electricity than coal during May, solar is an attractive investment prospect (1).
The Crewkerne fundraise is open for investment in the form of a two-year bond or shares in BWCE with an interest rate of 5% (5.5% for members of BWCE and SSCES) for the bond and a target 7% for the shares. A successful funding would mean that an estimated £3 million would go into community projects over the 25 year life of the project. The addition of the Crewkerne site to BWCE’s portfolio will also make it the UK’s largest Community Benefit Society by generating capacity.
Pete Capener, chair of BWCE, commented, “The South West has been at the forefront of community energy for some time. Supported by strong community networks, communities in the South West have built on the expertise and experience of renewable energy in the region.
Communities are increasingly asking the question, 'what can we do?’ By moving from talk to action, they are demonstrating that by working together they can make sure that local projects really do deliver genuine local benefits.”
The Crewkerne bond and share offers close on 12th July 2016. More information about BWCE and the forthcoming bond and share offers is available from www.bwce.coop/invest/.
Interested parties can find out more about BWCE and the current investment opportunity in Crewkerne at a public meeting in Bath on 4th July. More details here.
(1) Guardian.co.uk, 7 June 2016 - https://www.theguardian.com/environment/2016/jun/07/solar-sets-brit...
Before you invest you must read the Offer Document in full, paying particular attention to the full range of risks outlined and understand that your capital is at risk.
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