A SHARE offer for a solar farm near Whitchurch has already raised tens of thousands of pounds towards moving the site into community ownership.
The offer aims to transition the solar farm into local ownership but also to generate substantial funds for local projects, with an impressive £57,170 raised in just one week.
Dave Green, from the Community Benefit Society Shropshire and Telford Community Energy (STCE) scheme, said the launch represented a huge opportunity for people to get involved in the transition to Net Zero and massively increase the amount of money the Twemlows site would generate for community projects.
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“This is a really exciting day for STCE and Twemlows solar farm," he said.
“The share offer means individuals will be able to invest directly and earn a fair target return of six per centwith a low minimum investment of £250 – whilst supporting a vital source of green energy and helping to raise cash for some fantastic community projects.
“Our target is to raise £730,000.
“Bringing Twemlows into community ownership will enable us to distribute around £4.5million in community benefit over the next 18 years, including setting up new community energy schemes."
STCE officially unveiled the share offer during a special event near Whitchurch on August 8.
The initiative has drawn in 24 investors within its brief launch period, setting the stage for the transformation of Twemlows solar farm.
The share offer promises to "empower environmentally conscious individuals" to help them address climate change directly while receiving a fair return on their investment.
Furthermore, it presents an opportunity to significantly enhance the solar farm's economic impact on the local community.
Twemlows solar farm, in operation since 2016, boasts a 10MW capacity that can power the equivalent of 3,400 homes.
The solar farm plays a pivotal role in reducing carbon dioxide emissions by over 4,000 tonnes annually and has already contributed nearly £100,000 to community funding.
Robert Saunders, STCE's chair, underscored the value of community-owned energy in shaping a more sustainable energy landscape.
Through the joint efforts of Community Energy Together, the transfer of seven operational solar farms into community ownership will collectively save approximately 317,000 tonnes of CO2 over the farms' lifetimes.
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These solar farms, with a combined capacity of 36MW, equivalent to powering 12,750 homes, will contribute to a burgeoning community benefit fund of about £20 million, dedicated to local social and environmental initiatives as well as new community renewable projects.
The innovative finance model adopted for this initiative, orchestrated by Community Owned Renewable Energy (CORE), is set to amplify the impact by lowering borrowing costs and sharing risks.
As a result, the community benefit fund is poised to expand.
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