The directors of Low Carbon Gordano invite you to the grand launch of their first public share offer with George Ferguson, Mayor of Bristol.
Thursday 17th July 2014
Low Carbon Gordano (LCG) have launched a public share offer to raise £2.2 million to build a 1.875MW solar array near Avonmouth in Bristol.The project will be owned by LCG, a Community Benefit Society formed in 2011 to develop community owned renewable energy projects.
It will be the largest community renewables project, and the first large scale community solar array, in Bristol.
LCG are working closely with award winning Bath & West Community Energy (see note 2) to develop the project. Bath & West Community Energy have paid their members 7% for the last three years, based on their own community solar projects that they have developed to date.
The array will be built at Moorhouse Farm and will cover around 15 acres of land sandwiched between the M5 and M49motorways. It will consist of 7500 solar PV panels and will generate enough electricity to match the equivalent annual electricity demand from over 500 homes. In addition, LCG will work with Avon Wildlife Trust to develop a species rich, wildflower grassland between the panels as a benefit to local wildlife and to increase biodiversity.
The share offer
The offer is to raise £2.2 million. It is open to the public but LCG are especially keen that priority is given to investors who live in and around Bristol. An investment in the Moorhouse Solar Array can be made for as little as £500 by anyone over 16. In the event the offer is oversubscribed preference will be given to local residents.A full share offer document is available free of charge.
LCG aims to provide returns of around 7% per annum. The income will come from the Feed-in Tariff and export of electricity to the grid. Surplus profits will go to a Community Fund, which will dispense grants to local projects that demonstrate reductions in energy use or carbon emissions. LCG expect to pay over £400,000 into the community fund over 25 years. A successful fundraise will be helping build a local renewable energy infrastructure, which will make Bristol more resilient in the face of climate change and rising energy costs
For more information and a share offer document visit the website at www.lcgshareoffer.org Or call Jon Gething chair of LCG on 07976 320445
The share offer is open until 15 August. Investors are encouraged to make an early application as the offer will close when fully subscribed.