\u00a0Big Society Capital Investment Director, Joe Shamash said: <\/strong><\/p>\n\u201cThis transfer is testament to the potential that community energy has to help the UK reach its net zero targets in a way that benefits local communities throughout the country. We are so pleased to have helped communities take ownership of solar farms that deliver the multiple benefits of energy security, a cleaner planet and funding for local community projects.\u201d<\/p>\n
Power to Change CEO, Tim Davies-Pugh said:<\/strong><\/p>\n\u201cLocal and community energy is key to making the UK a clean energy superpower and building an economy that works for people and planet. Bold, collaborative approaches are needed to rapidly grow community energy at scale, opening new markets and bringing in institutional investment, whilst remaining embedded in local communities. As a key partner in this innovative scheme, we stand ready to share the lessons, particularly as the Labour Party further develops its approach to community energy through its Local Power Plan.\u201d<\/p>\n
Finance Earth Founder and Managing Director Richard Speak said:<\/strong><\/p>\n\u201cSince its inception in 2016, and despite the numerous global and UK challenges in the years since, CORE has realised its founding mission: develop a portfolio of community solar assets that can access low-cost institutional debt, create efficiencies that maximise community benefit funding, and deliver the first unsubsidised transfer to community ownership. With this landmark transaction, CORE and Community Energy Together have secured these valuable assets \u2013 and over \u00a320 million projected community benefit funding \u2013 into local community ownership.\u201d<\/p>\n
<\/p>\n
NOTES<\/strong><\/p>\nAbout Big Society Capital<\/strong><\/p>\nBig Society Capital is the UK\u2019s leading social impact investor. Our mission is to grow the amount of money invested in tackling social issues and inequalities in the UK. We do this by investing our own capital and helping others invest for impact too.<\/p>\n
Since 2012, we have helped build a market that has directed more than \u00a39 billion into social purpose organisations tackling issues from homelessness and mental health, to childhood obesity and fuel poverty, a ten-fold increase in ten years.<\/p>\n
\u00a0<\/strong>About Community Energy Together<\/strong><\/p>\nCommunity Energy Together represents an innovative collaboration between five community energy groups across England and Wales.\u00a0 The groups worked together to bring a portfolio of seven operational solar farms into community ownership in 2023, having raised significant amounts from individual investors across the UK. The solar farms will collectively save an estimated 317,000 CO2 over their lifetimes and supply the equivalent of 12,750 homes. Collectively, the solar farms add 20% to the total of community owned solar in England and Wales. They will also generate around \u00a320M of surplus funds over the lifetimes of the solar farms, which will be invested back into local community projects, providing long-term benefits to help fight climate change.<\/p>\n
About Finance Earth<\/strong><\/p>\nFinance Earth is the UK\u2019s leading environmental impact investment advisor and fund manager, with a mission to scale up investment in conservation, climate and communities. Our team has designed over \u00a31 billion of impact investment structures in the UK and overseas. We also provide independent, specialist advice to public, private and charitable sector clients in the UK and around the world, helping to deliver projects and funding mechanisms that drive investment into nature and support local communities. We are a wholly employee-owned social enterprise and recycle 51% of our profits into on-mission activities and investments.<\/p>\n
About Power to Change<\/strong><\/p>\nPower to Change is an independent social change organisation. We know community business strengthens the local community and we work to dismantle barriers, unlock funding, amplify what works, and make the case for change – to shape the conditions for community business to thrive.<\/p>\n
About The National Lottery Community Fund<\/strong><\/p>\nWe are the largest non-statutory community funder in the UK \u2013 community is at the heart of our purpose, vision and name.<\/p>\n
We support activities that create resilient communities that are more inclusive and environmentally sustainable and that will strengthen society and improve lives across the UK.<\/p>\n
We\u2019re proud to award money raised by National Lottery players to communities across England, Scotland, Wales and Northern Ireland, and to work closely with Government to distribute vital grants and funding from key Government programmes and initiatives.<\/p>\n
<\/p>\n
Image: Wight Community Energy solar farm from above<\/em><\/p>\n <\/p>\n
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