A clean energy investment firm has provided a £1.7 million loan to help a community group in Shropshire acquire its own solar project.
Thrive Renewables, which works with more than 6,300 investors, is supporting a Mongoose Energy initiative to allow residents in the county to invest directly in a local renewable energy facility in the village of Sheriffhales.
Over the next few months, members of the community will be invited to invest in the 3.1MW solar farm.
They were previously facing the prospect of falling short on the necessary funding for the site.
Mark Kenber, Managing Director of Mongoose Energy said: “We empower community members to have a direct stake in a local project and the chance to access healthy financial returns, whilst helping to reduce greenhouse gas emissions and dependence on fossil fuels.
“Thrive stepped in at short notice to meet the funding gap – in the near future we will be raising a share issue on behalf of the local community and are thrilled to put renewable energy back in the hands of local ownership.”
A global clean energy developer and operator has built 26MW of solar energy projects in the UK.