New UK-wide community energy group Big Solar Co-op has launched its first share offer to develop a pipeline of rooftop solar arrays.

Created by community renewables firm Sharenergy, it aims to raise £1.2 million for three solar installations in the Midlands, with 450kW of total capacity.

That includes 300kW on a food processing plant in Tenbury Wells, 120kW on a farm machinery manufacturer in Ludlow and 30kW on a doctor’s surgery in Birmingham which will also include electric vehicle (EV) charging powered by the solar array.

A pipeline of other large rooftop sites across the UK is also under development, with an initial target of 100MW of capacity by 2030 – equivalent to the energy used by around 30,000 homes.

Investors are expected to be paid a target annual return of 4%, with the first interest payment in autumn 2024.

People can invest a minimum of £100 and a maximum of £100,000.

The share offer opened to pre-registered investors on 24th June 2022 and has already attracted more than £250,000 in investment and will close in three months or as soon as the full target is reached.

Jon Hallé, Co-founder, Big Solar Co-op said: “Our starting point is, how do we get solar on more large rooftops in the UK? There are hundreds of thousands of potentially suitable buildings which still do not have solar PV. We calculate that these could contribute at least 5GW of solar capacity.

“We’ve come up with an offer which is much more appealing to big energy users than commercial rent-a-roof schemes. Our terms are more flexible and as a carbon-first organisation we are not taking big profits out so the savings to host sites are significant.

“We also have a great offer for volunteers who want to make more solar happen in their neighbourhood. By operating across the UK and providing support through a broad network we can make it happen together and make a difference to climate change.”