Westmill Solar
Craig Simmons
Westmill Solar Co-operative (www.westmillsolar.coop) is seeking to raise money for a community buy out of the 5 MW solar farm that was built last year and is adjacent to the 6.5 MW community owned wind farm at Westmill farm, Watchfield, near Swindon.
We are looking for potential investor members in order to raise £4 million equity. If we are successful, we will have demonstrated an effective model of community led engagement with the commercial sector that can be replicated across the UK by other communities that want to take action to combat climate change at scale and, we will have created the largest community owned solar farm in the world.
We have already raised over £2 million, with over 500 subscribers, since our share offer launch a couple of weeks ago but as the offer is set to close at the end of this month we are working against the clock to get information about this unique initiative out as widely as possible.
Bullet points about the project and share offer:
· We have substantial local membership of the co-op but as we do not expect to raise all the £4m locally we are also promoting the offer as widely as possible – if the share offer is oversubscribed, local members will get priority.
· The project has a predicted internal rate of return of 11% and, over the 25 years, an average return on investment of 23%
· Subscription for shares should be viewed as a long term investment as returns to members start low and increase over time; also the shares are not publically traded
· The solar farm is already constructed and has been operating at over 10% above predicted output since commissioning almost a year ago
· The site has the benefit of a 25 year, government backed Feed in Tariff contract, at the original level of 30.7p/kWh with RPI index linkage
· To become a member of the co-op the minimum investment is £250, the maximum is £20,000 and application for membership need to be received by 31st July
More information about the offer can be found on this link (http://www.westmillsolar.coop/shareoffer.asp).
With possibly the driest winter and wettest summer on record in the UK in the same year and the recent lack of collective governments courage to grasp the nettle at Rio +20, the need for individuals, communities and the commercial sector to find ways for effective engagement with the threat of climate change gets more and more urgent; we believe that this project is one such an initiative that we hope will inspire many more.
To be sure that we have a fully subscribed share offer any help you can give to get information about this unique and exciting project out as speedily as possible and widely as you think appropriate will be much appreciated.
Thank you ….. and here’s hoping for a return to some summer soon.
Very best wishes
Adam
01367 700 616