Solar panels are set to be installed on the roofs of a number of fuel poor homes in Newport, South Wales, after Gen Community’s share offer reached a funding landmark.
The renewables co-operative’s project, which aims to fund the installation of panels in low-income areas that have high fuel poverty levels, has raised £140,000 of its £1m target.
But London-based investor Bright Funding has pledged to cover any shortfall so that Gen Community can reach its minimum threshold. This brings the total investment to £390,000 ahead of the January 31 closing date.
“We are ecstatic that we have achieved the minimum amount required before the closing date”, said co-founders Andy Heald and James Mansfield in a statement.
“We look forward to the new year and liaising with our pioneering founding investors, who we are so thankful to, for supporting and sharing our vision.
“We are excited to welcome and work with others who want to aid the fight against fuel poverty, and join our social impact community.”
It will produce 631 megawatt hours of electricity (enough for over 200 homes) and is expected to reduce bills by some £38,000 a year in the Newport area.
Would-be investors can pledge anything between £500 and £20,000, and can expect a yearly return of around 7%. For more information, visit the dedicated page on Gen Community’s website.