solar energy farm seeks investors in £4m bond issue
people and organisations could help Burnham-On-Sea, Highbridge and
Weston-super-Mare generate their own green energy and create a multi-million
funding pot for community projects by investing in a local energy
and Weston Energy CIC has been set up to run the community solar
array at Wick Farm, between Weston-super-Mare and Burnham-On-Sea.
one of the largest community solar farms in the UK and currently
generates enough carbon-free electricity to power the equivalent
of over 2,000 homes.
investing from as little as £200 - roughly the cost of two
of the community solar farms 36,000 solar panels - local people
and organisations will be able to have a say on how the community
company is run, says the firm.
investment will pay 5% interest a year, rising every year with inflation,
and is available on the Triodos
Crowdfunding website. As with all investments, interest payments
are not guaranteed and capital is at risk.
investment will also power the 'Sunshine Fund', which will provide
grants to local community organisations and projects and an advice
service to support local households struggling with energy debt
and fuel poverty.
Burnyeat, director of Burnham and Weston Energy CIC, said: "Its
an exciting opportunity and Burnham and Weston Energy CIC was set
up especially to help the communities of Burnham and Weston take
advantage of it."
initial bond investment will be repaid in instalments over 18 years.
The bonds are eligible to be held in an Innovative Finance ISA (IFISA)
which allows investors to earn interest tax-free. Like all ISAs,
the IFISA has eligibility criteria and any tax savings depend on
personal financial circumstances.
'Sunshine Fund' is being managed on behalf of the project by the
Somerset Community Foundation, with grants will be available for
projects and initiatives in Burnham-on-Sea, Highbridge, Weston-Super-Mare
and the rural area within 10km of the Wick Solar Farm.
information about both the bond offer and the Sunshine Fund is available
on Burnham and Weston Energys website here.
should note that an investment in Burnham and Weston Energy CIC
bonds is not covered by the Financial Services Compensation Scheme.
Burnham and Weston Energys ability to pay the interest and
repay the bonds is not guaranteed and is dependent on the continued
success of its business model. These bonds are unquoted securities
with a fixed repayment date and although the bonds are transferable,
investors should be aware that they may not be able to access their
capital during the life of the bond.