Community energy solar projects raised a record £7.8 million in the month before the Treasury ended Enterprise Investment Scheme (EIS) tax relief for clean-energy investments.
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15 of the community benefit societies (Bencoms) that run solar projects across the UK have announced their fundraising totals, with four funds securing investments of over £1 million for their share offers.
Topping the list of bencoms were Sussex’s Meadow Blue and Bath and West, which raised £1.248 and £1.243 million, respectively. Nottinghamshire Community Energy followed closely behind with £1.171 million. Edinburgh Community Energy, with £1 million, completes the top four.
‘This exceptional rate of investment in community renewable projects shows there is wide-scale support for community energy to be a significant player in the industry in the UK. With it happening within a week of the announced plan to shut coal-fired stations, I think we will look back at this moment and realise this is the beginning of truly locally owned, low-carbon power.’
Jan Willem Bode, Mongoose Energy
Mongoose Energy cooperatives make up five of the top six funds, with projects that attracted over £4.8 million of investment from the British public.
‘While the removal of EIS is an odd blow for George Osborne to land on the same day as the UN Climate Change Conference, it has helped to raise awareness and interest in these opportunities and these investment figures shows that people want to invest in ethical, local energy sources.’
Jan Willem Bode, Mongoose Energy
‘We are really pleased to see the huge groundswell of support for community energy schemes over recent weeks. Over a third of the total investment raised — £4.8 million – went into the six share offers listed on Ethex. Last Wednesday we saw over £1 million of investment in just 24 hours! It has involved a lot of hard work – well done to all those concerned. We hope this interest continues with the new community energy share offers we have listed on Ethex the first week of December, albeit without tax reliefs.’
Jamie Hartzell, chair of ethical investment platform Ethex
The 15 solar projects below have announced their figures.
Capacity: 5MWp
Target return: 7%
Amount raised: £1,247,587
Bath and West Community Energy
Capacity: 250kWp
Target return: 7%
Amount raised: £1,243,150
Nottinghamshire Community Energy
Capacity: 5MWp
Target return: 7%
Amount raised: £1,171,600
Capacity: 1.5MWp
Target return: 5%
Amount raised: £1,000,000
Capacity: 9.3MWp
Target return: 5%
Amount raised: £621,729
Capacity: 5MWp
Target return: 7%
Amount raised: £522,000
Capacity: 440KWp
Target return: 5%
Amount raised: £476,500
Capacity: 300kWp
Target return: 5%
Amount raised: £390,000
Capacity: 290kWp
Target return: 7.40%
Amount raised: £352,200
Capacity: 200kWp
Target return: 4%
Amount raised: £250,000
Capacity: 5MWp
Target return: 5%
Amount raised: £183,600
Capacity: TBC
Target return: 5.5%
Amount raised: £182,884
Capacity: 90KWp
Target return: 4.3%
Amount raised: £97,950
Capacity: 50kWp
Target return: 5.85%
Amount raised: £70,000
Capacity: TBC
Target return: 6.50%
Amount raised: £12,400
Click here to find out more about Mongoose Energy and its community energy projects. More on Ethex can be found here.
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