As part of a solar power share offer launched today by Kent Community Energy, £2 million of funding has been announced for community projects across the county aimed at keeping the Garden of England green.
Kent Community Energy (KCE) announce a £2 million fund for community projects across Kent, focused on renewable energy, sustainability and protecting the county’s precious biodiversity, as part of a community share fundraising offer. The share offer, launched on the Ethex positive investment platform today, will raise funds for KCE to take community ownership of the fully operational Orchard 2 solar farm, near Sittingbourne, Kent. The KCE solar farm has nearly 20,000 panels with a capacity of 5MW, powering the equivalent of around 1,700 homes, based on OFGEM figures for the average household. Profits from supplying clean solar energy to the national grid will be reinvested in green projects, across the county.
“This is a chance for residents and businesses across Kent to participate in a £2 million win-win for the Garden of England, because clean solar energy, community and biodiversity are at the heart of this share offer,” says John Partington, Chair of Kent Community Energy (KCE).
KCE is a community benefit society (Bencom) and is inviting residents and businesses in Kent to invest as little as £250 to become shareholder members of KCE and participate directly in the county’s transition to net zero, combat climate change and help keep the Garden of England green. Investors will also receive a target annual return of 6%. Clean renewable energy from the Orchard 2 solar farm is supplied to the national grid with the profits going into community grant funding, prioritising biodiversity and renewable energy projects across the county.
“Community Energy is well-established in the UK and the principle means profits are ploughed back into the community with the focus on projects which support local renewable energy, sustainability and protect Kent’s precious biodiversity,” says Partington.
The share offer was launched today under the umbrella of a national community energy share offer called Community Energy Together. Bringing the portfolio of seven UK solar farms into community ownership simultaneously will increase the capacity of community owned solar energy in England and Wales by 20% and generate a collective community benefit fund of around £20 million.
Individuals, organisations, or businesses can invest as little as £250 and up to £100,000 with a target return of 6% per annum. All shareholder members of KCE, will have an equal say in how the company is run and how the £2 million fund—which is the official forecast of the total community benefit fund over the lifetime of the solar farm, based on projected profitability—is invested for the benefit of Kent.
“We invite the people of Kent to help us take positive action to tackle climate change and keep the Garden of England green,” says KCE Director, Dan Watkins.
The share offer is now live at https://www.ethex.org.uk/invest/kentcommunityenergy. Find out more or register interest at https://www.kentcommunityenergy.org/ or email questions to info@kentcommunityenergy.org.