Mongoose Energy has brought into community ownership two solar plants totalling 8.59MW, having raised over £2m through two bonds.
The bonds were launched to bring the 4MWp array in Portworthy in Devon and a 4.59MWp array at Puriton in Somerset into community ownership.
The bonds were launched by Bath and West Community Energy (BWCE) and Bristol Energy Cooperative (BEC) – two affiliates of Mongoose – and respectively offer expected fixed-rate returns of 5.5% and 6% per year.
BWCE’s bond hit its investment target of £1.682m, while BEC’s has already attracted over £400,000 and closes on the 31 March.
Mongoose Energy’s Jan-Willem Bode said: “BWCE continues to be a fantastic case study for the community energy sector, which delivered strong returns for investors in our cooperatives in 2015.
“The exceptional interest we’ve seen in the bonds highlights the strength of the sector and gives an extra incentive for people to back these local, renewable energy generation schemes that plough additional profits back into the community, financing projects that address issues like biodiversity and energy poverty.”
Image: Morgue File
