Bristol Energy Cooperative Launches £2.7m Solar Bond Offer
Bristol Energy Cooperative announces that its first bond offer to raise £2.662 million to develop a new solar farm is open to investment giving people another way to support local, clean energy generation.
The new three year fixed interest bond scheme is announced after a successful start to Bristol Energy Cooperative’s #OwnIt campaign. Over £850,000 has been raised so far through Bristol Energy Co-op’s most recent share offer; more money than it has raised in its previous two share offers together. This bond offer gives investors an alternative opportunity to invest in this community energy scheme.
The bond offer will help finance a 4.568MWp solar farm near Puriton, Somerset, just west of the M5 near junction 23. This is part of an ambitious portfolio of solar projects including another solar farm near Lawrence Weston and 20 large roof installations which will be funded by Bristol Energy Co-op’s share offer. Together this fund-raise gives people an opportunity to own and benefit from locally generated clean energy through investment.
The bond offer has been independently approved as a financial promotion under the Financial Services and Markets Act 2000, and enables people to join a forward-looking community of investors who can:
– Participate in the development of local, renewable energy resources;
– Support the reinvestment of surplus income back into local communities;
– Help strengthen local energy supplies and security, and take action on climate change;
– Earn interest at a rate of 6% per annum, paid after three years.
After three years investors have the option to cash in their bonds or extend the bond beyond three years at 5% per annum. The bond offer opened for online applications on Tuesday 15 December 2015 and closes Sunday 31 January 2016. The minimum investment is £500.
Chris Speller, co-director of Bristol Energy Cooperative said: “After a successful first phase share offer we are keen to press on and make our Puriton project a reality. We are excited to launch this bond offer which now gives a shorter term investment alternative to our shares. There are many reasons people might consider investing in our solar programme which we feel is an easy way to access the many benefits of community renewable energy through investment.”
Mike Simpson, a Bristol Energy Co-op investor said: “I’ve invested in the share offer, and I’ll put more into the bonds when they’re released. It makes so much sense to have my money doing something positive, helping real people and reducing our carbon emissions at the same time.”
How to invest
Bristol Energy Cooperative has selected Ethex, an online investment platform, to market the bond offer and act as receiving agent for its investment applications. Ethex specialises in positive and responsible investment. Applications to the bond offer can be made via the Bristol Energy Co-op website at www.bristolenergy.coop where more information is also available.
Investment decisions must only be made on the basis of the bond offer document and not on information provided in this release. Your original investment capital may be at risk and any return on your investment depends on the success of the Puriton solar array and Bristol Energy Cooperative’s business as a whole. You should read the offer document in full, including the risk factors set out in the offer document, and the terms and conditions regarding this offer at ethex.org.uk before investing. You should consider taking appropriate financial and other advice before making any investment decision.
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