Community energy project seeks £5 million public investment
A community energy project near Stratford-upon-Avon is seeking a £5 million investment from members of the public for a 5 per cent annual return.
Stratford Community Energy is coordinating the project which consists of a large solar farm installed on former DEFRA land. It will generate 4,696 MW hours of electricity annually and reduce the region’s carbon emissions by up to 1,800 tonnes per year.
The community solar farm is only the second project in the country to benefit from a battery storage unit with a 1000 kW energy storage system to be installed on the site.
Last month, former energy secretary Ed Davey urged delegates at an investors' conference to keep investing in community energy, which he says is the “sector of renewables that will weather the [political] storm.”
Stratford Community Energy chairman Adrian Pike said: “We’re delighted to announce that the Stratford Community Fund is now open. We believe this is a fantastic opportunity for people to be involved in a community project that has the potential to make a real difference on so many levels.
“Our objective is simple - to help share the benefits of renewable energy by giving communities and individuals an opportunity to invest in solar bonds. By backing Stratford Community Energy investors will not only be supporting a reduction in the impact of climate change and increasing energy security, but also be helping to generate significant benefits for the community and local economy.”
The project will also provide funding of around £175,000 for local charity groups including the Stratford Hospital Appeal and Welford on Avon School over the 25-year scheme.
The solar bond offer for the project will remain open until the maximum sum has been reached or until the end of May.
- SSE to invest £340 million in renewables Company still expects “additional challenges” in the next financial year
- Welsh marine energy sector flushed with success Wales is playing a “key role in the global development” of the sector
- Moorside reactor supplier files for bankruptcy US firm Westinghouse says procedure will not impact UK operations