ECOE share offer reaches £390,000
The Exeter Community Energy Share Offer, which has been running since November 7th, closed on Thursday, having reached an astonishing investment figure of £390,000.
ECOE have been raising funds via a community share offer to install solar panels on 9 community and commercial buildings across Exeter and East Devon. This Share Offer was due to run for only three weeks so investors can qualify for the Enterprise Investment Scheme (EIS) tax relief which closes for community energy organizations on Nov 29th. The Share Offer was expected to raise only a part of the total £390,000 required investment, with a further share offer due to open in January 2016 to raise the rest of the money required.
Amazingly, the people of Exeter got behind the share offer in force and the full amount was raised with still a day to spare.
“We’ve all been taken aback by the level of support for our share offer,” says Gill Wyatt, Chair of ECOE, “None of us expected any thing like this level of take-up at our first attempt in such a short period and were set-up to go again in January and to raise the remainder of funds then. This won’t be necessary now.”
The ECOE share offer was one of over 25 running across the UK during November, as community groups up and down the country raced to raise capital and complete solar projects before the drop in Feed-In Tariffs announced by the Chancellor in the Summer comes into effect, and while investors can still access generous EIS tax incentive.
“The huge level of support we – and other community groups have received – goes to show how popular the community renewable energy model still is, and how much the people of Exeter value the future of their city and are concerned about our planet!” Says Gill Wyatt.
The funds raised through the Share Offer will allow the installation of around 300kWp of solar panels in Exeter. Two rooftops are already completed and supplying solar energy to the host sites – Shillingford Organics and Wonford Community & Learning Centre – with Exeter Central Library and Great Moor House, owned by Devon County Council due to be developed over December.
ECOE are also looking at running a Devon-wide share offer later in 2016 for 500+ kWp across 20 sites that they have pre-registered to secure existing Feed-in-tariff rates, partnering with four Devon community groups.
What’s for sure is that there’s a bright future ahead for community energy in Exeter
