Wales’ first community owned solar farm successfully raises £537,350
Gower Regeneration, Wales’ first community owned solar farm, has successfully met its minimum share offer target of £500k, with £270k of shares being applied for in the last week alone!
The project, which offers a projected 5% annual interest payment to investors and which promises to reinvest all its profits into regeneration rural Swansea, has now extended the Share Offer due to popular demand. Anyone wishing to invest should do so fast as the share offer now closes on Friday 28th July 2017. To find out more visit: www.regengower.co.uk
Founder directors, Ant Flanagan of Gower Power Co-op CIC and Roy Church of Gower Heritage Centre, stated that they were “absolutely delighted” that the Swansea community had come together to invest in the scheme. Flanagan went on to add:
“It was quite a tense week, because at the beginning of the week we were over £250,000 short of our minimum target… We have every confidence that people want to invest in schemes like these but didn’t realise they would leave it to the last minute! Now, we are really pleased to be able to extend it for a few more days because we are aware of quite a few people that wanted to invest but missed the deadline.”
Investors of all ages and a wide variety of backgrounds, over 60% of which from the City and County of Swansea, invested sums between £100 and £30,000 to ensure the project had met its £500k target with just an hour to spare. Flanagan continued:
“At a time when everyone here is patiently waiting for news about the Tidal Lagoon, it is a massive result for Swansea, the first community owned solar farm in Wales, it just goes to show the level of public support for renewable energy and how collectively we can make exciting projects happen despite the current government’s apparent lack of support for renewable energy.”
MP for Gower, Tonia Antoniazzi, who has just launched a campaign to save the Tidal Lagoon and Mike Hedges AM Chair for Climate Change and Sustainability, both strong advocates for renewable energy, visited the pioneering project earlier this month to find out more and express their support for the scheme.
The new solar farm began generating clean energy earlier this year. Altogether it has 3568 panels and provides enough energy for around 300 homes. All profits from the sale of the energy will be used to regenerate the local area of rural Swansea and Gower. Investors will become co-owners of the solar farm enterprise and can be involved in decision-making about how profits, estimated at over £500k through the life of the project, will be distributed to regenerate rural areas. The share offer closes on Friday 28th July at 4pm.
- Wales’ first community owned solar farm – project website: www.regengower.co.uk
- Readers can subscribe for shares online: https://www.ethex.org.uk/GowerRegeneration
Project partners – Gower Power Co-op CIC and Gower Heritage Centre
About Gower Power
Gower Power specialises in setting up, developing and securing finance for small socially and ecologically focused enterprises. Based in The Gower Peninsula, it specialises in setting up, developing and securing finance for small, socially and ecologically-focused enterprises. You can follow the project and find out more about Gower Power at:
Tw: @gowerpowercoop / FB: Gower Power Co-op / www.gowerpower.coop
About Gower Heritage Centre
Gower Heritage Centre is a visitor attraction and rural life museum based around a working 12th century water-mill. It has an artisan bakery, craft shops, craft activities, an old-fashioned games arcade, play facilities a soft-play area and it is home to La Charrette, Wales’ smallest cinema.
For further information / photography / interview please contact: Ant Flanagan / 0782 4860803