4 Oct 2011
Bath and West Community Energy launch their first public share issue
Another community energy company that has emerged from a Transition initiative is about to take the big step into unveiling its community share launch. Bath and West Community Energy (BWCE) grew out of Transition Bath, in particular a meeting of its energy group where people looked at each other and said “we could actually do something about this”, and the ball started rolling. It is set up as an Industrial and Provident Society with the intention of installing renewable energy, wind, solar, biomass and hydro in a way that is locally owned, locally controlled, which generates local income and provides local jobs. It is established from the outset as an enterprise (as opposed to being dependent on grants), and as one that can deliver renewable energy at scale. Profits will be recycled back into the community. Its share launch takes place on Wednesday 5th October 6pm for 6.30pm till 8pm at the Banqueting Room, The Guildhall, Bath. What they have created is a very exciting new model.
One of the first things BWCE did was to form a partnership with the local council. It also formed a partnership with SSE who have offered them loan finance at very attractive terms in order to enable BWCE’s first steps to get underway. Its first projects are solar PV on local schools where BWCE will pay for the panels and the schools will get free electricity. The first systems start being installed at the end of this month. The aim of doing these solar installations first is to build a solid foundation and confidence in advance of a community share launch. The aim is then to raise £500,000 in shares from local people, who will be offered a 6-7% return each year on their investment, which is very attractive. BWCE has also joined up with a similar initiative that sprang out of Transition Corsham so it can generate the scale necessary to attract capital finance.
In the longer term, BWCE is looking at 3 local potential wind sites and a hydro project, which, combined, will need around £11 million, but which will generate around £275-300,000 for community projects. It will also develop renewable heat projects and energy efficiency. It is a great model, very much replicable in other Transition initiatives. Here is their press release about the launch:
“Things are moving quickly at Bath & West Community Energy (BWCE). We now have planning permission for 8 out of the 12 solar PV systems we are planning to install on schools and community buildings. We expect to hear about the remaining applications soon. We have also secured a loan of £1 million from SSE. Work will start this month on the first solar PV systems scheduled for installation. For more information on BWCE and the proposed sites, see www.bwce.coop.
Our share launch is only a couple of days away. This is your opportunity to be involved too, whether you just want to find out more about us or if you want to consider taking a stake in BWCE, do come along if you can make it. If you haven’t already replied to an invite and you would like to attend, could you please let Helen Reed on Helen.Reed@bwce.coop know as soon as possible. We will also be welcoming along two of our key partners, Councillor Paul Crossley, Leader of Bath & North East Somerset Council and Ian Marchant, Chief Executive of SSE who will be speaking in support of our work.
Copies of our Share Offer Document will be available on the night. We hope to see you at the launch of our new and exciting community venture”.
Best of luck with the launch, and if you are in or around Bath, do get along to what will be a historic event.