The Share Offer
We are proud to be bringing this unique offer to you.
This is an opportunity to become part of a member-led organisation that generates clean energy and directs surplus revenues into much-needed community work.
Homestead solar farm is an established, secure, and well-functioning solar farm, Wight Community Energy has a team of expert directors with decades of relevant experience in crucial fields.
Wight Community Energy is joining forces with four other non-profit community energy organisations as Community Energy Together, We will unlock collaborative benefits that will ultimately result in hundreds of thousands of pounds per year being spent on the island to tackle fuel poverty.
Details are below and also on the Ethex website
Events
Wight Community Energy - Solar Farm Share Raise Presentation
Wed, 27 Sep 2023 19:00 – 20:00
Learn about WCE’s second share raise and become a member of the islands only community-owned solar farm Q+A will follow a short presentation
Frequently Asked Questions
What is Homestead farm?
Homestead Solar Farm is located near the village of Shalfleet in the western part of the Isle of Wight. It is a 4MWp ground mounted solar farm, commissioned in December 2015. Its forecast generation is 4.46 GWh a year, enough for the equivalent of 1,525 typical homes, saving over 31,000 tonnes of CO2 over its lifetime.
What is WCE?
WCE was established in 2015 and is a Community Benefit Society registered with the Financial Conduct Authority in England and Wales. Its purpose is to promote, develop and deliver community owned renewable energy, energy efficiency and energy supply projects across the Isle of Wight, with a strong focus on the reduction of fuel poverty.
What is a Community Benefit Society?
A Community Benefit Society (CBS) is a type of legal organisation that’s registered with the Financial Conduct Authority (FCA). It is a not-for-profit business model which makes it very attractive to funders who offer grants. Membership of a CBS is organised on the principle of one-member, one-vote, so it’s a great structure where there’s a fundamental equality between members which needs to be baked into the business.
What is Community Energy Together?
CET is an umbrella organization which has a portfolio of UK solar farm assets including Homestead Solar Farm. Each solar farm is being purchased by a local Community Benefit Society. Homestead’s is a slightly different case within the portfolio as WCE is already in community hands and this second share raise seeks to increase the community holding rather than begin it.
What are the plans for the community benefit fund?
WCE has already carried out a large number of projects related to low-carbon technology and the CBF will allow that work to continue. WCE are also seeking to tackle fuel poverty more directly on the Island, either by aiding other existing organisations or by embarking on new projects.
You mention 6% return on investment, can you tell me more about that?
6% is the target for interest payments based upon the revenues that are anticipated, the first payment will be made shortly after the AGM due to be held during the summer of 2024.
Can I take my money out?
No member capital will be repaid before May 2029, except under exceptional circumstances, as all available resources will be directed to the refinance. It is expected most of the capital will be repaid within 10 years, but members might like to leave some capital in the society in order to stay as a member.
