This is a very exciting time for Low Carbon Gordano and our vision for the community ownership of our local energy supplies and I am delighted to introduce our second share offer to raise £923 000. The money will be used to create a further ground-based photovoltaic array at Ham Lane, near Kingston Seymour, just south of Clevedon.
In the last 12 months we have made tremendous progress with Moorhouse Farm solar array going live on March 31 this year. We look forward, later this year, to distributing our first returns to members and seeing revenue going to the Community Fund. All of this gives us confidence in our business model, the technology, and our business partners.
Our collaboration with Bath & West Community Energy (BWCE) was an important factor in our success in raising finance for the Moorhouse Array. We are therefore looking forward to developing our relationship with BWCE by becoming a founding member of Mongoose Energy. Mongoose Energy is a cooperative enterprise, created by BWCE, to support local community energy cooperatives by providing:
- financial support for the development phase of projects
- back-office functions
- the opportunity to supply green electricity to local consumers.
We also aim to consolidate our relationship with local renewable energy company Solarsense from whom we will be purchasing the Ham Lane site as a fully permitted project. Despite some significant challenges, not of their making, they successfully completed the construction of our Moorhouse Farm Array. We were impressed with the energy and commitment they brought to the project and look forward to working with them again.
Our financial modelling shows that, with the Feed-In-Tariff (FIT) guaranteed by the government and the sale of electricity, we can:
- offer investors a very reasonable return on their money
- buy back all of the shares well within the lifetime of the project
- have a surplus to invest in community beneﬁt projects.
In addition, investors who are UK tax-payers should also be able to enhance their benefits from investing in the Ham Lane Array from the tax relief available under Enterprise Investment Scheme.
As a Community Benefit Society Low Carbon Gordano provides a very different investment opportunity to a normal commercial enterprise not least because we are committed to devoting all financial surpluses to the Community Fund for reinvestment in carbon saving projects.
We look forward to you joining us in our latest venture.
For more information and an application form:
Download the Share Offer Document
Chairman, Low Carbon Gordano