A new 100% community-owned renewable energy asset manager has been launched to serve communities and commercial clients across the UK.
Bright Renewables has bought the asset management business of Mongoose Energy, creating the new renewable asset manager with 52MW of projects under management that are owned by seven community energy companies.
They include Bath & West Community Energy, Bristol Energy Co-operative, Chelwood Community Energy, Kent Community Energy, Low Carbon Gordano, Orchard Community Energy and Wight Community Energy.
Any profits made by Bright Renewables will be returned to community owners for reinvestment into their local communities.
Penny Shepherd MBE, Chair of Orchard Community Energy and Chair of Bright Renewables’ parent company said: “Community energy groups have invested in Bright Renewables because of its commitment to delivering as much social impact and community benefit as possible.
“Bright Renewables’ goal is to allow community groups to collaborate and benefit from economies of scale and to plough back profits into the local communities served by its clients.”
The acquisition was supported by a loan from CORE LLP, a £40 million investment partnership between Power to Change Trust and Big Society Capital, which invests in solar energy assets in partnership with and on behalf of communities.