Don’t invest unless you’re prepared to lose all the money you invest. This is a high - risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more

Don’t invest unless you’re prepared to lose all the money you invest. This is a high - risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more

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Wight Community Energy

Renewable Energy - Community Shares

86% raised
6%

Forecast
return

Investors
120
Hours left
0
Raised so far
£315,485

Wight Community Energy (WCE) is an established community benefit society that invests in renewable energy assets to provide clean, community-owned energy and support local projects and initiatives. They are raising funds to complete the refinancing of the Homestead Solar Farm, which is capable of powering the equivalent of 1,525 homes.

Clean energy
Min investment: £250
Target
£365,000
Min raise
£160,000
Offer opened
31/07/2023
Closing date
10/11/2023
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  • Where your money goes
  • Team
  • Documents
  • Updates
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Updates

Campaign Update

16th August 2023

Dear Wight Community Energy Investors,

With the ongoing success of the offer having raised circa £152,000 of the initial £160,000 target (as of 16.08.2023), Wight Community Energy has decided to increase the target to £365,000 which puts them in a position of saving on interest payments by paying down their loans.

These savings will bring forward and increase the amounts available for community benefit.

Kind regards,

The Ethex Team 

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Wight Community Energy
Society no. 7234
London, UK
Incorporation date: 29 October 2015

Your money will…

  • Tackle climate change locally by supporting WCE’s continued generation of solar energy, cutting carbon emissions.

  • Fight fuel poverty by funding vital community initiatives delivering positive environmental and social impact.

  • Empower the local community to take control of their energy generation and help them meet their net zero goals.

  • Earn a potential financial return Investments target an annual return of 6% and investors become members of the community benefit society.

The bigger picture

Wight Community Energy was set up in 2015 to deliver community-owned renewable energy, energy efficiency and fuel poverty projects at the heart of developing a sustainable, low carbon, economically prosperous Isle of Wight. This share offer will enable them to complete the refinancing of the Homestead Solar Farm, which:                                                                                                  

  • is a ground-mounted solar park with a forecast generation of 4.46 GWh a year
  • can power the equivalent of 1,525 typical homes, saving over 31,000 tonnes of CO2 over its lifetime
  • creates financial surpluses that will be paid into a community fund to support local projects and organisations

    • WCE is part of Community Energy Together, a collaboration of five societies with seven solar farm assets which have been cross-collaterally financed. A local society is purchasing each solar farm, increasing the capacity of community-owned solar energy in England and Wales by about 20%.


What your money will do

It’s your money, so you want to know where it goes and what kind of impact you’re making. Your investment in Wight Community Energy will:

  • Enable the full buyout of the Homestead solar farm to bring it into community ownership
  • Ensure continued clean energy generation from the site, reducing the impact of climate change and contributing to energy security
  • Help local people and organisations by creating additional funding for other local clean energy projects and community initiatives
  • Support the Isle of Wight’s transition to a low-carbon future while supporting wildlife and biodiversity in the local area.

Team

Wight Community Energy is determined to build on this successful model and this share offer will help them fund the next phase of their work. https://iowcommunityenergy.org/

David Bunker

Member Director

David is a practising chartered accountant with a long-term interest in renewables and the community sector. He has served as director of a number of community energy companies and is also financial director of Windcluster Ltd, the owner of a wind farm based in Cumbria.

Ray Harrington-Vail

Chair and Member

Ray has been involved in environmental activities since the 1980s, working in the private, local authority and charitable sectors. He founded The Footprint Trust charity, which works to reduce the ecological footprint of the island and helps 2,000 people and 400 households in fuel poverty every year cut carbon and energy costs. Ray was awarded National Energy Action Heat Hero status, and is an honorary Master of the Open University for his work.

Michael Lilley

Member Director

Michael is an elected independent Isle of Wight and Ryde town councillor, currently mayor of Ryde and vice-chair of the island’s Scrutiny Committee. He is also chair of the Isle of Wight Community Forum and a trustee of Isle of Wight Youth Trust. He was a leading activist within the co-operative and social enterprise sector for over 40 years. A retired counselling and community psychologist and chief executive, he founded a successful mental health charity; pioneered programmes to combat domestic violence; and psychological therapies in the UK in indigenous languages. Michael was also instrumental in getting the Isle of Wight Council to declare a climate emergency and develop a Green Island Agenda and climate emergency strategy. He supported the Isle of Wight becoming a UNESCO Biosphere Reserve.

Colin Palmer

Member Director

Colin worked in the yacht design and hovercraft industries before moving to wave energy research. He established Windcluster Ltd in 1988 and developed and built one of the first
commercial wind energy projects in the UK. In 1995, he was the joint founder of Wind Prospect Ltd, a company that developed wind and solar energy projects worldwide. During his career he has been a director of the British Wind Energy Association and ReGen Southwest, as well as a trustee of the Centre for Sustainable Energy in Bristol. More recently he has pursued other interests, in particular finding ways to invest (both time and money) in clean technology projects.

Laurie Tennant

Member Director

Laurie Tennant is a graduate Chartered Electrical Engineer with nearly 40 years business management experience. He is also a director of Bright Renewables, the asset management organisation set up by WCE and several other BenComs to operate and improve their renewable energy generation plants. Laurie established, and for 25 years ran, a business based on the island designing, installing and maintaining solar plants from domestic to utility scale and small wind and hydro plants. He is a qualified practitioner in the PRINCE2 project management environment and he has been actively involved in community task groups and green initiatives.

Dan Ridett

External Independent Director

Born and raised on the island, Dan has spent the last decade in the crowdfunding and the
renewable investment space. He currently runs a bond crowdfunding platform for Downing LLP,
an investment management firm that specialises in sustainable investing. He holds an MBA from
Cass business school.

Sarah Chatwin

Non-Exec Advisor

I'm delighted to offer my support to Wight Community Energy. I am a Chartered Surveyor and director of a multidisciplinary design and construction consultancy practice, founded in 2002. I have spent 30+ years in the construction industry working on schools, hospitals, infrastructure, factories and housing programmes. I am also currently acting as a Director for Ripple Energy –
Kirk Hill Windfarm which is currently the largest co-operative invested energy project in Europe. I am leading on the built environment for Together for Mission Zero and continue to offer my support to the local and national net zero decarbonisation agenda. ‘Through community action, it is vital that we are demystifying decarbonisation to create a resilient local community’. I have director experience on voluntary boards and understand the importance of supporting through this role in the best interests of both members and mission. In my spare time, I like to spend precious solitude in our ever-wilder garden or mountain biking with my trusty Collie Bill.

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Interest accrual and payment

WCE is targeting a 6% interest paid annually on all retained capital. The first payment should occur shortly after the first AGM in the summer of 2024.

Getting your money out

Shares are not transferable, but requests can be made to withdraw share capital ahead of the timetable set out by the directors. In the first five years this will only be allowed under exceptional circumstances, after which the directors will endeavour to meet all withdrawal requests but cannot guarantee the request will be met.

Investing on behalf of children

Applicants must be 18 years old or more to participate in this offer.

 Investments can be made on behalf of children at the end of the Ethex order process. 

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Investments offered on the Ethex platform are not readily realisable, which means that they may be difficult to sell and you may get back less than you originally invested. Investments are not covered by the Financial Services Compensation Scheme (FSCS) and returns are not guaranteed. If you are in any doubt, you should contact an Independent Financial Adviser.

Risk Warning

Investments offered on the Ethex platform are not readily realisable, which means that they may be difficult to sell and you may get back less than you originally invested. Investments are not covered by the Financial Services Compensation Scheme (FSCS) and returns are not guaranteed. If you are in any doubt, you should contact an Independent Financial Adviser.