Wight Community Energy has announced another opportunity to purchase a stake in the Island’s only community-owned solar farm.
Established in 2015, WCE is an Island-based Community Benefit Society that exists to share the benefits of solar energy and to accelerate the roll-out of low-carbon technologies. Running its 1st share offer in 2016, WCE brought the 4MW Homestead solar farm situated near Shalfleet, into community ownership.
The solar farm is projected to generate hundreds of thousands of pounds per year and £2.5million over its lifetime in surplus revenues, which Wight Community Energy (WCE) will spend in the community fulfilling its core mission of tackling fuel poverty and accelerating the Island’s transition to a low-carbon future.
7 years on and WCE has joined a new collaboration between 5 community energy groups in England and Wales called Community Energy Together (CET), 4 of whom are this week launching share offers to fund the transfer of 7 operational solar farms into community ownership. The 5th share offer will follow soon.
Bringing that portfolio into community ownership will increase the capacity of community-owned solar energy in England and Wales by around 1/5. The other solar farms are in Shropshire, Kent, Devon and Swansea, and are also all run for the benefit of the community.
Colin Palmer, Director and Shareholder at WCE comments:
“This is a unique opportunity to be part of a clean energy company that will deliver millions into the local economy. We are very excited about the future, and we hope that many people across the Island will join us as a shareholder and member of Wight Community Energy.”
Bearing testimony to this commitment are the many low-carbon projects already undertaken by WCE. These include funding for The Footprint Trust, helping the launch of the Island’s electric cargo bike business and organising Going Electric, the Island’s largest electric transport and green technology show.
By joining CET, Wight Community Energy has significantly improved its financial position, so much so that WCE is aiming to pay 6% interest per year to all investors and return £2.5million of community benefit over the project’s lifetime.
Investments start at £250 and as well as financial return investors will become members of WCE.
WCE’s share raise is being managed by Ethex, the UK’s leading online positive investment platform. You can find out more by the Wight Community Website at https://iowcommunityenergy.org/ and at www.ethex.org.uk/invest/wightcommunityenergy.
I don’t have a spare £1 let alone £250 to invest now my fuel bill has increased by 100%
Yup, got the Tories to thank for that. They shutdown most of our gas storage systems and gave the north sea oil and gas fields to their mates.
After the scandal of Thurrock Council. £200 million loss on solar farms I would suggest buying into Solar Farms is currently a minefield with sites being over valued so going into partnership with other groups should be a clear red flag.
Thank the Tories for that one. And people will still vote for them!
I totally agree. Having just read up on the latest Thurrock issues, and the fact that a number of councils are now bankrupt through similar schemes I would be very loath to spend my own money on such a scheme. It seems that very very few solar farms are actually making money, and none at the promised returns during the initial funding. Whilst our sky high fuel bills may, in the short term, mean that solar can make a decent return, it will be short lived once the prices stabilize. IF it makes investors money then bloody well done and I will gladly eat my words… but the risks are astronomical.
Please don’t invest in this.
You will loose money.