Wight Community Energy (WCE) has recently been established to bring a 3.95MWp Solar Park situated to the north of Newbridge into community ownership and generate £2.4 million to fund initiatives that will work to shrink the Islands’ carbon footprint and supply enough power to support over 1,300 Island homes.
Led by Colin Palmer (pictured left), Island resident and green energy veteran, WCE has already secured £4.58 million in investment that saw the site, built by leading cleantech energy firm Anesco, commissioned in December.
Wight Community Energy has been specifically established to offer Islanders the opportunity to invest in this solar park and play their part in the Island’s sustainable energy future by bringing it into community ownership.
Colin comments:
“With WCE projecting a return of 7% pa for shareholders and with share applications from Isle of Wight residents and stakeholders receiving priority in the event of the share offer being oversubscribed, this provides an excellent opportunity for Islanders.”
The minimum share holding is only £500 and as an added benefit shares will be exempt from inheritance tax once they have been held for 12 months. Those who invest will also have a vote in how the community fund, predicted to be £2.4 million over the scheme’s 25 year life, will be invested back into the Island – playing an important part in tackling fuel poverty and developing the Island’s smart, sustainable energy future.
With reports indicating that almost 15% of the Island’s population (and 25% of the children) are affected by fuel poverty, this important project is one more step towards ensuring people can adequately heat their homes and do not have to choose between eating and heating.
For this project WCE has partnered with Mongoose Energy, the UK’s leading community energy firm to provide best practice advice and support throughout the purchase process and subsequent operation of the site, ensuring the longevity and efficiency of the solar farm for the Island.
The 3.95MW site, at Homestead Farm to the north of Newbridge, will generate 4.68 MWh of power each year and sits adjacent to a commercially owned array with sightlines protected by trees. Being already built and registered with OFGEM, the site’s income through the Feed in Tariff is guaranteed for 20 years and not affected by recent Government moves to reduce the tariffs – giving an additional assurance to investors and benefits to the Island’s community.
Working alongside Colin at WCE is an enviable management team that includes Dr Jeff Kenna, an expert in community energy and the man behind some of the UK’s most successful community energy projects together with Ray Harrington-Vail, a Carisbrooke-based conservation and environment expert and co-founder of the Footprint Trust and board member of Isle of Wight Community Action. Steve Webb, who has run share offers to finance 17MW of community renewable-energy projects to date and David Bunker, a trustee of the Centre for Sustainable Energy and a director of the Windcluster 2000 wind farm complete the team at WCE.
To find out more about Wight Community Energy you can visit their website at www.iowcommunityenergy.org A number of events are also planned across the Island throughout March to give everyone the opportunity to meet and ask questions to the management team from WCE and also Mongoose Energy, full event details are on the website.
