Gawcott Fields Community Solar Releases First Bondholder Report
The Gawcott Fields Community Solar farm has been generating electricity and income from the sun since June 2016 and the first 18 months of operation have been a success.
Gawcott Solar CIC is professionally managed by Communities for Renewables CIC, and has been established to own and run a community solar farm at Gawcott Fields Farm, between Gawcott and Buckingham. The 4.17MWp solar Farm is expected to generate over 4 million kWh of renewable electricity each year, equivalent to the annual electricity consumption of around 1,000 homes and in the past 12 months has reduced carbon emissions by around 1,500 tonnes of CO2e (or nearly 4.7 million car miles!).
Surplus income generated by the solar farm (after operating and finance costs including
payments to bondholders) will be used to support community organisations and projects in
the local area, and to help local people struggling with energy debt and fuel poverty.
The refinance of the construction loan through a combination of loan finance and the community bond offer completed in May 2017. Overall, the solar farm has performed as projected, and made the first bond interest payments in January 2018.
Gawcott Solar CIC has begun to deliver its community purpose with an energy and fuel poverty advice service launched in Autumn 2017 and a grant fund for local sports projects to be launched in early 2018.
Click here to read the full report.