Share offer opens for Nottinghamshire’s first Community Owned Solar Farm

Share offer opens for Nottinghamshire’s first Community Owned Solar Farm

November 12 2015 - PRESS RELEASE

NEP are proud to be behind Nottinghamshire's first community owned solar farm.  They were approached by Mongoose Energy to advise on the best location for the 5MW development in the summer.  This development is to generate enough electricity to power 1,550 local homes with clean green energy and over its 25 year lifetime it will also generate £1.8 million that will be reinvested back in to local community projects.

NEP's Philip Angus and Miranda Cumberbatch are on the Nottinghamshire Community Energy board and have helped with the promotion of the share offer which is proving very popular.  Please read on to find out more. 

PRESS RELEASE: Money pours in for Nottinghamshire Solar Farm

A pioneering Nottinghamshire clean energy project has captured the imagination
of local people, attracting more than £400,000 in just ten days.

Money has been coming in at the rate of £29 a minute since shares in a solar farm near Colston Bassett, south of Bingham, went on sale last week (November 10).

Nottingham’s “Queen of Green” Penney Pozyer has revealed that she’s among
those investing in the scheme, which is already halfway to its fundraising target.

The solar farm off Langar Lane will produce enough electricity to power 1,150
homes by next summer, and will save more than 50,000 tons of carbon dioxide
during its 25 years of operation.

An incredible £418,000(update) worth of shares have been purchased, with
investors being promised an inflation-busting return of up to 7%. Profits from
selling the electricity generated will also raise an estimated £1.8m for community
projects across the county.

Penney Poyzer, from West Bridgford, campaigns on green issues and has
presented a BBC TV series on being eco-friendly. She said: “To have a solar farm
of this size on my doorstep is fantastic. I will not only be buying shares, but I also
want to be the first person to sign up to receive this clean power in my home.”

Nottinghamshire Community Energy (NCE) is seeking up to £850,000 to help finance the £5.7 million development. On top of the share offer, Nottingham Energy Partnership has agreed to invest half a million pounds in the scheme.

The sale of shares has turned into a race against time, because the Government is withdrawing tax relief on such investments from the end of this month. NCE has applied for the relief and is confident of getting it. But to achieve that, the share offer has to close next Tuesday (November 24).

Shares are £10 each and you can invest between £500 and £100,000, which must be left in the fund for at least three years.

Phil Angus, Chair of NCE, said, “We welcome the investment by Penney and everyone who has bought shares. We’d urge others to join them because it’s very important to us that this is a project owned by and benefitting the local community.”

There is still time to invest. To download the share offer document, visit the NCE website.