News / Sustainability
Bristol Energy Coop becomes UK’s largest
Bristol Energy Cooperative (BEC) is now the UK’s largest community energy company by capacity having raised £9 million since November.
Agreements recently inked with Bristol City Council, Social and Sustainable Capital (SASC) and Triodos Bank have added an additional £3.95 million of funding for its community energy projects.
Co-director at BEC Andy O’Brien said: “With 9.3 MWp of renewable capacity, BEC will become the UK’s largest generator of community energy. However, this is a fast-growing and essential part of the UK’s energy mix, so we can’t wait to be overtaken as more community owned capacity is added to the national grid.
“The addition of finance from Bristol City Council, along with SASC and Triodos Bank, highlights the strength of the BEC offer and adds to the investment from Close Brothers Bank. Over £2.3m has also been raised through our bond and share offers.
“We expect two principal types of investors to be interested in the bond: local investors who want an ability to back an ethical, renewable energy project that puts back into the community? and those who simply want a better rate than you’d get in an ISA or savings account.”
Co-founder and chief executive of Social and Sustainable Capital, Ben Rick, added: “We are delighted to support BEC in becoming the UK’s largest generator of community energy. Following recent policy changes, we have been asked to consider investing in several renewable energy schemes through our Community Investment Fund. With BEC, and with the support of our partners at Power to Change, we are delighted to make our first investment into this sector given the embedded social benefit and distribution of surpluses directly to local community organisations such as Ambition Lawrence Weston. We look forward to working closely with BEC in the coming months and years and hope to support many more organisations generating high environmental and social impact in their communities.”
The funds are being used to add 9.3 MWp of community-owned solar generation capacity to the UK’s grid. Upon construction of its final array in June 2016 BEC will become the UK’s largest generator of community energy.
BEC’s portfolio (including projects under development) incorporates a 4.6 MWp operational ground array at Puriton near Hinkley Point, Somerset, around 20 rooftop arrays on community buildings across Bristol, and a 4.2 MWp site at Lawrence Weston, which is due for completion in June. All projects aim to be operational in time to receive the government’s 2015 (higher) feed in tariff (FiT) rate for 20 years. Based on each site’s average annual duration of sunshine, BEC’s portfolio is predicted to generate 8,830 MWh per year of clean energy the equivalent of powering around 2,400 typical UK homes.
Profits from the sites’ energy generation will be used to fund £4 million of social projects across Bristol and Somerset for example fighting energy poverty or increasing homes’ energy efficiencies.
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