By Isle of Wight Observer
You can now purchase a stake in the Island’s only community-owned solar farm.
Owner of the project, Wight Community Energy (WCE), has opened its second share round. The solar farm is projected to generate hundreds of thousands of pounds each year and surplus revenues of £2.5 million over its lifetime, to be spent on tackling fuel poverty and low-carbon community projects.
Established in 2015, WCE is an Island-based Community Benefit Society. Its first share offer in 2016 enabled a 4MW solar farm near Shalfleet to be brought into community ownership. The project generates enough energy for the equivalent of 1,525 typical homes and will save 31,000 tonnes of carbon over its lifetime.
Director, Colin Palmer, said: “This is a unique opportunity to be part of a clean energy company that will deliver millions into the local economy. We are very excited about the future, and hope that many people across the Island will join us as shareholders and members of WCE.”
Low-carbon projects already undertaken include funding for the Footprint Trust, supporting the launch of Keert – an electric cargo bike business, and organising Going Electric, the Island’s largest electric transport and green technology show. With a successful share raise, WCE will be able to continue that work and do much more, especially in tackling fuel poverty.
The company is aiming to pay 6 per cent interest per year to investors as well as invest £2.5 million into community benefit. Investment opportunities start at £250. You can find out more at iow.life/wcenergy, where you can also register to join a Zoom presentation and Q&A session next Thursday (August 10) at 6pm.