Wight Community Energy has signed a deal with the Isle of Wight Council to add £1.7m of funding to bring a 3.95MWp solar array into community ownership.
The council funding takes the community energy organisation’s funds to over £5m, adding to a £2.88m loan from Close Brothers Bank and more than £460,000 in ‘crowdfunded’ investments from the community.
Wight Community Energy’s share scheme – which projects annual returns of up to 7% – is still open for private investors through the ethical fundraising platform Ethex.
The company said the council funding also takes the total raised to 93% of its target.
Meanwhile, Meadow Blue Community Energy has connected a 5MWp solar farm near Merston to the grid.
Finance for the project was raised following a popular share offer, which raised more than the target amount in less than three weeks.
The site was developed by Solstice Renewables and constructed by Solarcentury.
Image: sxc
IOW solar boosts local coffers
Council funding helps bring 3.95MW solar array into community ownership
By EBS