Success shines on BEC and our supporters as our £2m solar bond offer crowdfunding target is smashed. These funds will extend our solar portfolio bringing more clean energy to the South West. We would like to thank our investors and supporters from the local area and all over the UK, who have helped them reach this impressive sum, which will be spent on financing its operating 4.6 MWp solar farm near Puriton, Somerset.Around 350 people invested in our bonds, and this significant number of investors backing community energy illustrates that the transition to renewables continues, despite the turbulence post EU referendum, with its incentives of sustainable environmental, social and economic benefits.
This exciting news comes in the week that we switched on our new solar farm in Lawrence Weston, Bristol, which is already generating electricity after being built in just six weeks. After raising over £9 million for an ambitious portfolio of solar projects, the completion of this site makes us the largest community energy company by capacity.
Altogether our planned installations will provide 9,268 kWp of solar PV capacity, generating an average of
9,300 MWh of electricity each year; enough energy to power 2,270 average UK homes. As a non-profit community energy co-op, we will use the money from the energy generation of its solar portfolio to fund £4 million of social projects across Greater Bristol and Somerset over the 25 years of the projects.
Solar crowdfund continues apace
Our drive and determination to bring more clean energy to the region does not end with reaching this milestone. With its growing community of investors, our crowdfund continues through a share offer to help install solar panels on around 10 additional community roofs across Greater Bristol this summer, including the Kuumba Centre, the Architecture Centre and Wick’s Sports Centre. This is a one-off opportunity for these community buildings, as the Government has reduced support to solar energy after this summer.
We’ve just completed installing solar panels on Coniston Community Centre, which will help the organisation reduce its electricity bills. This follows successful installations earlier this year on Easton Community Centre and Brentry and Henbury Children’s Centre.
How to invest
There are other opportunities to invest in BEC through a share offer which offers up to 5% pa returns on investments of between £50 and £100,000 made before 31 July.
Investment decisions must only be made on the basis of the share and bond offer document and not on information provided in this release. Your original investment capital may be at risk and any return on your investment depends on the success of the Puriton solar array and Bristol Energy Cooperative’s business as a whole. You should read the offer document in full, including the risk factors set out in the offer documents, and the terms and conditions regarding this offer at ethex.org.uk before investing. You should consider taking appropriate financial and other advice before making any investment decision.