Westmill Solar Co-operative, the community-funded renewable energy scheme, has closed its share offer and announced it has comfortably met its initial £4m investment target.
The project, which has been developed by the people behind Westmill Wind Farm, consists of 21,000 solar panels at a site near Watchfield, South Oxfordshire.
Individuals have been putting money towards co-operative for six weeks, and although the final figures have not yet been released, the developers revealed that the share offer had been fully subscribed.
“It’s been a hectic six weeks since we launched at the end of June, particularly in the last week as hundreds of applications came in each day”, said director Adam Twine, who recently spoke to Blue & Green Tomorrow about the importance of community-owned renewables for our Guide to Limitless Clean Energy.
“We’ve had over 1,500 applications, and the application for our youngest potential member was on behalf of Olivia, born just five days ago!
“There is clearly a real desire for this type of opportunity and I hope other communities will feel encouraged by this tremendous response to find ways to set up their own projects.”
Last week, Westmill announced that it was on the verge of reaching the £4m target in record time for a community-funded project of this type, and when the share offer closed on July 31, it had cemented its place in UK renewable energy history.
“We are delighted to have achieved what we believe is a record-breaking share sale for this type of project”, commented chairman Philip Wolfe.
“We are now working to bring together the balance of capital required, and we look forward to concluding the eventual purchase of the project in October.
“Community ownership of a photovoltaic installation of this scale in the UK used to be just a dream; now we’re making the world’s largest co-operative solar park a reality.”
Community-generated renewable energy is becoming an increasingly attractive prospect in the UK, as more people begin to realise not only the potentially lucrative financial returns involved, but also the ever greater need to find cleaner sources of energy.
Developers of the Westmill project claim that around 60% of share applications came from people within 40km of the site, suggesting that those that will benefit most from the power generated by the solar project have led the investment charge.
Like our Facebook Page
Can You Use Your PC In an Eco-Friendly Manner?
How Pain Management Hurts the Environment, and What You Can Do to Help
4 Countries That Have Banned Single-Use Plastic
What Is Your Carbon Footprint and How Can You Reduce it?
How Business Leaders Can Positively Impact Water Scarcity
Plant-Based Protein Coffee is Eco-Friendly & Healthy
Eco-Friendly Restaurants That Are Bringing the Outside Inside
5 Environmental Benefits of Custom Manufacturing
How to Reduce the Carbon Footprint of Your Office
Benefits of Starting an Eco-Friendly eCommerce Business
Brian Sheth and Sheth Sangreal Foundation Donate $15 Million to Global Wildlife Conservation
Eco-Friendly Gardeners Can Make Compost from Organic Waste
8 Great Tips to Find an Eco-Conscious Moving Company
Can Employers Help the Planet with Work from Home Policies?
Creating a Green Basement Environment for a Healthier Home
Switching to an Electric Car to Help the Environment? Here’s How to Find the Cheapest Insurance
More People Are Practicing Eco-Conscious Lawn-Care
Choosing the Best Air Filter as Pollution Levels Worsen
9 Tips to Write Stellar Papers as an Environmental Science Major
Why You Need to Know These Hard Facts About Ethical Investing
- Energy3 months ago
How To Choose the Right Solar Inverter for Your Home?
- Energy3 months ago
How to Choose the Best Solar Panel for Your Home
- Environment10 months ago
Importance of Using a Water Purifier in an Area with High Pollution
- Environment3 months ago
Reduce Industry Footprints with Sustainable Material Swaps