Whilst over £355,000 of the £800,000 target has been taken up by investors, the extension is a reflection of feedback received following events by WCE across the Island where prospective investors indicated that additional time was required for them to make their investment.
This move also reflects the importance being placed by WCE on Island residents becoming members of the community energy project, who will not only receive a projected annual return of 7% on their investment but also have a say in how an estimated £2.4m fund will contribute to community projects across the Island.
The solar park project has already received most of the £5.28 million funding that was required and has additional investment secured should this final tranche of investment aimed at Island residents not be met.
“It would have been easy to simply bring in more commercial funding but doing so would have lost many of the wider community benefits. This extension allows more time for local people to invest and join WCE.”
Wight Community Energy has been specifically established to offer islanders the opportunity to invest in the solar park at Homestead Farm and play their part in the Islands sustainable energy future by bringing this large-scale solar farm into community ownership. The solar park will work to shrink the Island’s carbon footprint and generates enough power to supply 1,300 homes.
Further details of the WCE share Offer can be seen on their website www.iowcommunityenergy.org.
In addition, WCE are aiming to be at a number of key events over the coming weeks and in the run up to the offer close date including ‘Riverfest’ and The County Show, giving Islanders an opportunity to meet the WCE team and to find out more about the opportunity to invest in this important solar project.