Burnham and Weston Energy CIC Launches Website
Burnham and Weston Energy CIC has launched its website. We think it looks great and are excited about the solar bond offer launching shortly, and community fund to launch later this year.
Burnham and Weston Energy CIC owns one of the largest community solar projects in the UK at Wick Farm between the Somerset coastal towns of Burnham on Sea and Weston Super Mare. The 9.3 megawatt solar array is made up of nearly 36,000 solar panels, and has been up and running since June 2016.
The solar farm is expected to generate over £3.5million in surplus income over 25 years, with £50,000 per year from the outset and the first funds available from April 2018. Funds will initially be used to support a grant fund for local community projects managed by Somerset Community Foundation and an energy and fuel poverty advice service to be managed by the Bristol-based charity Centre for Sustainable Energy (CSE) and delivered through partnerships with local organisations. 10% of households in the area are living in fuel poverty and in some areas, it is over 20%!
The solar farm was acquired from a commercial solar company with the support of a short-term loan from Leapfrog Finance, which has now been part re-financed by a long-term loan from Triodos Bank. A solar bond offer will be launching shortly, enabling people and organisations to invest and have a say in the governance of Burnham and Weston Energy CIC.
Burnham and Weston Energy CIC and the Wick Farm Community Solar Project are professionally managed by CfR CIC. Since setting up in 2012, CfR CIC has worked with over 20 local energy enterprises and has helped to develop and finance over £30 million of community-owned solar projects.