Cashing in on Sunshine
Bristol and North Somerset residents and investors will begin reaping the benefits of the power of the sun over the next few months. Low Carbon Gordano (LCG) – a community enterprise – are behind plans to build the 1.8 Megawatt Moorhouse Farm Solar Array on the edge of the Avonmouth industrial complex.
In order to help pay for the 8,000 panels LCG will be launching a share issue with the aim of raising £2.2 million. It’s a scheme which is expected to attract not only ethical investors who want their money spent on local, low carbon projects but anyone who wants a reasonable rate of return on their investment in a difficult economic climate.
Chair of Portishead based LCG, Jon Gething says ‘we are really excited to be involved in this scheme which, when built, will generate enough clean energy to power 500 homes. Involvement in local renewable energy projects will make a significant contribution towards accomplishing our vision of a sustainable future.
We are a Community Benefit Society so not only will we give a fair return to our investors but surplus profits will be channeled in to a Community Fund for local low carbon projects.
To construct the scheme, which will be built on land sandwiched between the M4, M49 and railway line to Avonmouth, LCG have partnered with Bath & West Community Energy an award winning community energy company.
Managing Director of BWCE Jeff Kenna says “This is a great opportunity for local people to invest in a solar energy project and make a real contribution to tackling climate change”
A launch of the share offer will take place on 18June at the Folk Hall in Portishead at 7:30 pm. The offer will close on 15 August and investors are encouraged to make early application. The share offer is open to everyone over 16, though in the event of it being oversubscribed preference will be given to local residents. Shares are £10 each and the minimum purchase is £500 and the maximum £100,000 in shares.
LCG is projected to provide investors with returns of around 7%, plus tax relief for qualifying investors. It will also set up an Environment Fund to support local projects
For more information about the share offer or to obtain an investors pack go to: www.lowcarbongordano.co.uk
Further details will be found on the LCG website
Further information about BWCE can be found at