Renewable energy co-operative, Morecambe Bay Community Renewables (or MORE Renewables, for short), has just launched its first share offer.
MORE Renewables was set up last year to raise local finance for small scale renewable energy installations in the Morecambe Bay area and its first project is a £105,000 solar PV system on the Lancaster Cohousing development at Forge Bank, Halton. This will generate around 40,000 kWh of electricity per year and will contribute to making the Cohousing development zero-carbon.
“This is a great opportunity to invest in local renewable energy and become part of our community co-operative," says former Lancaster City Councillor Anne Chapman, one of the founders of MORE Renewables. "We want to enable people to do something good with their money, which makes use of our local resources for the benefit of our community, while providing them with a real return on their investment.”
MORE Renewables expects to be able to pay investors a return of 4% from the third or fourth year, with lower rates of return before that, as well as providing funds for community projects.
“Everyone at MORE Renewables is excited about the Lancaster Cohousing project," enthuses Caroline Jackson, a former head teacher of Hornby High who also helped to set up MORE Renewables, "and we hope people will read the prospectus and consider investing. The offer closes on 18th June, or earlier if it is oversubscribed, so get your share application form in soon!”
• The share prospectus document is available to download from the MORE Renewables’ website, www.morerenewables.co.uk, or by phoning 01524 380960.