Ferry Farm Community Solar, situated between Selsey and Sidlesham, West Sussex has exceeded the £100,000 investment mark for its community share offer. The community fund will be open for applications from Summer 2017.
The share offer is designed to pay an intended annual return of 6% with capital repaid over the scheme’s lifetime of twenty years. It has received significant attention from the public following the decision by the Bank of England to reduce the base rate to a record low of 0.25%. People and organisations can invest between £250 and £100,000, and this week the total invested has reached £177,250.
The solar farm is already generating power for the national grid and is offering corporate investors, members of the public and community groups the opportunity to invest in this socially responsible initiative.
Ben Cooper, Ferry Farm Community Solar director said: “Ferry Farm offers a great ethical investment opportunity for people with intended 6% return on their capital. In addition to the investment opportunity, the community-led project will generate a pot of funding up to £50,000 from the annual profits of the electricity generated, for local charities and community groups. So, it really does see investment come back into the local community.”
At 5 megawatts the community solar farm will provide enough electricity to power around 1,300 homes. The project is being run as a community enterprise and any profits will be distributed to local community organisations and projects through Ferry Farm Community Solar Project, a locally-governed Community Benefit Society.
More information on the scheme and the share offer can be found at www.ferryfarmsolar.co.uk