5MW Devon solar farm coming into community ownership
CfR has been working with South Devon community energy enterprise Yealm Community Energy Ltd (YCE) since 2015 to help bring a local solar farm into community ownership.
The 5MW Newton Downs solar farm, near Newton Ferrers, was developed and built by Good Energy. The solar farm received approval from South Hams District Council subject to a condition that opportunity was given to YCE to purchase the asset once built.
We are pleased to announce that the solar farm has now been purchased by CORE (Community Owned Renewable Energy Partners); a specialist community energy investment fund which YCE and CfR have been working with over the last few months to help bring the solar farm into community ownership.
Newton Downs solar farm is forecast to generate a surplus income of £20,000 per year, and £1.4 million over its 30-year lifespan, which will be used to support community projects tackling social and environmental issues in five parishes around the Yealm Estuary. CORE invested £5.83 million to fund the purchase. Over th e next 3 years CORE will work closely with YCE and CfR to optimise the asset and enable full transition to community ownership through a community investment offer.
The purchase of Newton Downs solar farm is a significant step in the Yealm area communities developing their own local energy economy, and establishing YCE as a long-term enterprise. We look forward to working further with YCE and CORE over the next 3 years.
Over the last years, CfR has helped deliver over £35million of community solar projects ranging from MW-scale solar farms to panels on school roofs.