Isle of Wight launches 4MW solar project share offer

A community benefit society in the Isle of Wight is seeking investors for a 4MW solar farm. Wight Community Energy (WEC) has secured an investment worth £4.58 million for the […]

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By Jacqueline Echevarria

A community benefit society in the Isle of Wight is seeking investors for a 4MW solar farm.

Wight Community Energy (WEC) has secured an investment worth £4.58 million for the project and is looking to raise the final £800,000 through a crowdfunded share offer.

It is offering investors a 7% per year target return.

The solar farm is expected to produce 4.6GWh of electricity in its first year – equivalent to powering 1,340 homes on the island.

The site was commissioned last December and built by energy firm Anesco.

WCE Chair Colin Palmer said: “Energy poverty is a big problem for the island, with more than one in every six households paying over 10% of their income on fuel bills. This must change and community energy, which keeps the money in the community, can play a big part here.”