- Bristol Energy Cooperative launches a new crowdfund during Community Energy Fortnight.
- The Bristol Co-op offers one of the UK’s first ISA-eligible community energy bonds.
- BEC builds on its successful £10m solar fund-raise in 2016.
- The money raised will enable innovative community-owned clean energy projects.
- It’s an opportunity to take control of local energy with an investment of £100 to £100,000.
Bristol Energy Cooperative (BEC) launches a new crowdfund to continue its journey to become a major generator of community-owned clean energy. The crowdfund target of £1,150,000 will enable BEC to repay previous loans and invest in new micro-renewable generation and storage schemes. These include a 100kW Tesla battery storage project at a new sustainable housing site.
This bond offer builds on the popularity of BEC’s energy schemes where surplus profits are reinvested into the community. BEC has a proven track record of funding and developing renewables, including raising the ambitious sum of £10m last year.
The bond offer is open to adults in the UK until 31 July 2017, allowing them to support community projects, reduce the impact of climate change, and participate in the energy revolution for all.
Investors in this Innovative ISA eligible unsecured bond will have the opportunity to:
- benefit from tax-free returns
- earn interest at a target rate of 4.5% per year for 3 years
- remain invested in the bond after year 3 if desired, with the same annual interest rate
- invest a minimum of £100 and a maximum of £100,000
BEC Director, Andy O’Brien, said:
“After the success of last year’s £10m crowdfund, and the significant growth in our community and renewable energy portfolio, we’re delighted to launch this new bond offer during Community Energy Fortnight. The money raised will help us deliver not only energy generation, but also storage through the latest Tesla battery technology.
“We’d love people to join our journey to a carbon-free future by taking control of how they invest their money for their families, for the environment and for the long-term benefits to the community as a whole.”
BEC’s growing portfolio includes two solar farms – one in Lawrence Weston, Bristol, and the other in Somerset – and solar panels on 11 community buildings. This provides 9,105 MWh (Megawatt Hours) of electricity per year – enough to power 2,220 average homes.
Surplus profits from the solar projects are used to benefit the local community, and a regional community fund of £50,000 will open for applications in the autumn. BEC has also been able to facilitate a grant of £155,000 to Ambition Lawrence Weston, BEC’s local partner for its Lawrence Weston solar farm. This has helped the group make significant progress on its 10-year plan to improve living standards and opportunities in the area.
BEC’s bond offer is available through Mongoose Crowd. The UK’s first dedicated community energy crowdfunding platform which has been established by BEC’s partner, Mongoose Energy. Mongoose Crowd (Firm reference number 779511) is an Appointed Representative of Share In Ltd (Firm reference number 603332), which is authorised and regulated by the Financial Conduct Authority.
Those interested in investing can find out more at Mongoose Crowd.
Note, that investing in this bond puts your capital is at risk. This means that you may lose some or all of the money that you invest. Read the full offer document, understand the risks and agree with the terms before investing. To find out more about our bond offer go to www.mongoosecrowd.co.uk
Any financial promotion contained herein has been issued and approved by Sharein Limited; a firm authorised and regulated by the Financial Conduct Authority (“FCA”). It is for informational purposes and is not an Official confirmation of terms.