News / Sustainability
Bristol Energy Cooperative offers shares
Bristol Energy Cooperative has announced a third Enterprise Investment Scheme (EIS) share offer, inviting people to invest in sustainable energy as it attempts to raise £5 million to fund solar projects on community buildings in Brentry, Hartcliffe and the City Centre, and two new solar farms in the city. In its previous share offers, the Co-op raised £247,000 from over 200 investor-members.
Aiming to be operational by mid-2016, it is hoped that that annual output of the solar farms will enough power more than 2,000 homes. BEC already has solar installations on Knowle West Media Centre, Easton Community Centre and Hamilton House.
BEC makes the case to investors in a short video. Purchases are open until Monday November 23, with a minimum investment of £50 – payable in Bristol Pounds – and projected return on investment of 5%, which will qualify for EIS tax relief. Enterprise Investment Scheme tax breaks are designed to incentivise investment in smaller companies not listed on the stock exchange, recognising them as riskier options.
Andy O’Brien, Co-Director at the Co-op, said: “We’re calling on everyone to help grow the local green economy by investing in projects that do good – for the environment, for the community, for investors, and for the Bristol region.”
Alexandra Pickford, a local pioneer investor in the Co-op, said: “I invested because I wanted to do something to change our local energy situation and see a good return on my savings. This empowers a lot of people who can come together and makes you feel very good that you are doing something towards it.”
Mayor George Ferguson said “This is exactly the kind of grassroots initiative that will carry forward the good work already done in Bristol this year under European Green Capital 2015. Bristol City Council has already been supporting Bristol Energy Cooperative’s work by making our buildings available for rooftop installations. We shall continue to help such initiatives through our new Community Energy programme, which we’ll launch on the 9th November.“
Addressing concerns about the eroded benefits of the Feed-In Tariff, Jan-Willem Bode, managing director of Mongoose Energy, said: “These won’t be impacted by the recent Government proposals to reduce the Feed-in Tariff support scheme for renewables. This is because the projects have already been pre-accredited by Ofgem and their Feed-in Tariff rates are now locked in. Investing in these projects not only provides a good financial return but also leads to real community benefits.”