Energy Co-Op Doubles it's Investment Target to £1.5m
A Welsh energy co-op has raised £750,000 with a share offer scheme.
Swansea-headquartered Egni Coop, a developer of rooftop solar energy facilities across Wales, now has plans to raise a further £750,000! This will enable it to borrow less from the Development Bank of Wales
Dan McCallum, Egni’s co-director said:
"We are delighted to announce we’ve reached our initial £750k Share Offer target. It just shows that people across the UK know that climate change is important and want to invest in something ethical which is delivering solar energy.
"It also helps that we’ve developed the Awel wind farm (www.awel.coop) which has repaid its members at five per cent interest a year so people have confidence in us.
"As we’re aiming to install up to 5MW on roofs across Wales by next March, we’re decided to double our target to £1.5m. This means we need to borrow less from the Development Bank of Wales to fund the remainder of our sites which is a win-win. It means our borrowing costs are less and Development Bank can support other community energy projects in line with Welsh Government policy."
Egni Coop has already installed 179kw of solar on seven buildings in the community, which have been running since 2015. They raised £230,000 from 94 members to fund this.
By the end of 2018 the seven sites had generated 504,688 kWh, saving over 180 tonnes of carbon. See the detailed breakdown here: http://bit.ly/30WsMVV
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