Wight Community Energy (WCE) is delighted to announce the second opportunity to purchase a stake in the Island’s only community owned solar farm. This is good news for the Island as the solar farm is projected to generate hundreds of thousands of pounds per year and £2.5 million over its lifetime in surplus revenues. WCE will spend these surpluses in the community fulfilling its core mission: Tackling fuel poverty and accelerating the Island’s transition to a low-carbon future.
Established in 2015, WCE is an Island-based Community Benefit Society that exists to share the benefits of solar energy and to accelerate the roll-out of low carbon technologies. Running its first share offer in 2016, WCE brought the 4MW Homestead solar farm situated near Shalfleet, into community ownership. The project generates enough energy for the equivalent of 1,525 typical homes and will save 31,000 tonnes of carbon over its lifetime.
This is a unique opportunity to be part of a clean energy company that will deliver millions into the local economy. We are very excited about the future, and we hope that many people across the Island will join us as a shareholder and member of Wight Community Energy.
Colin Palmer, Director and Shareholder at WCE
Bearing testimony to this commitment are the many low-carbon projects already undertaken by WCE. These include funding for the Footprint Trust, helping the launch of Keert, the Island’s electric cargo bike business, and organising Going Electric, the Island’s largest Electric Transport and Green Technology show. With a successful share raise, WCE will be able to continue that work and do much more in the community, especially in the field of tackling fuel poverty.
WCE has joined a new collaboration between five community energy groups in England and Wales called Community Energy Together (CET), four of whom who are today launching share offers to fund the transfer of seven operational solar farms into community ownership. The fifth share offer will follow soon. Bringing that portfolio into community ownership will increase the capacity of community owned solar energy in England and Wales by around one fifth. The other solar farms are in Shropshire, Kent, Devon and Swansea, and are also all run for the benefit of the community.
By joining CET, Wight Community Energy has significantly improved its financial position, so much so that WCE is aiming to pay 6% interest per year to all investors and return £2.5 million of community benefit over the project lifetime. Investments start at £250 and as well as financial return investors will become members of WCE.
WCE’s share raise is being managed by Ethex, the UK’s leading online positive investment platform.
You can find out more at www.ethex.org.uk/invest/wightcommunityenergy
