Bath & West Community Energy launches urgent fundraise for two new clean energy schemes
Race to raise funds as investment window closes in two weeks. BWCE announces two new opportunities to invest in community-owned energy schemes near Bath, the UK’s number one ethical investment hotspot.
– Investors are invited to help raise £603,000 for hydro scheme and ground-mounted solar PV system.
– Last chance to qualify for 30% tax relief under the Enterprise Investment Scheme (EIS) before Government removes benefit permanently on 30th November.
– BWCE aims to pay 7% p.a. – targets that have been met for four consecutive years.
– Share offer opportunity available for a limited time only – open now and closes 24th November.
– Interested investors invited to attend public meeting on Monday 16 November.
Award-winning community enterprise Bath & West Community Energy (BWCE) has today announced the launch of two new community energy schemes which are open to investment before the Government’s removal of tax relief for community energy investment schemes comes into effect on 30th November.
In order for investors to take advantage of the tax reliefs available under the Enterprise Investment Scheme, BWCE has put out an urgent call for potential investors to become members and take part in raising £603,000 for two Bath-based renewable energy projects between 11th and 24th November.
Investors may invest between £500 and £100,000 and become shareholders in a scheme with a target interest rate of 7%. Investing in BWCE offers individuals the opportunity to support a successful local initiative and to make an ethical investment.
How the funds will be invested:
– Old Mill Hotel water wheel – an electricity-generating waterwheel at the Old Mill Hotel at Bathampton near Bath. The scheme will replace the existing waterwheel with one capable of generating electricity. Most of the electricity will be used in the hotel with the surplus exported to the National Grid.
– Stowey House Farm Solar – a 250kW ground-mounted system at Stowey Farm, south west of Bath.
Together, these installations with generate approximately 330MWh of electricity each year: enough to provide the equivalent annual electricity demand for over 80 typical households.
Peter Capener, BWCE’s Chair, commented, “This is a very exciting opportunity to become a member of the BWCE and participate in the ownership of local renewable energy resources. Bath is the UK’s number one ethical investment hotspot and we are looking forward to delivering our very first hydro scheme to Bath.
“With these two new schemes, we will be able to continue our support of the Bath area and its communities, as well reducing the impact of climate change and strengthening local energy supplies. But time is short and we would urge any potential investors to download the Share Offer document from our website or to attend the public meeting in Bath on 16th November.”
Image above: Old Mill Hotel’s existing waterwheel (left) will be replaced by a new electricity-generating waterwheel, similar to that on the right.
How to invest
The share offer opens for online applications on Wednesday 11th November, and closes on Tuesday 24th November.
Interested investors can attend the public meeting at 7pm on Monday 16th November at BRSLI, Queen Square, Bath BA2 2HN, where they can hear about the scheme and BWCE’s future plans. Company directors will be present to answer questions.
You can invest and get full investment details of the scheme on Ethex, the positive investment and savings platform.
The Share Offer application document is also available for download at www.bwce.coop.
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