STCE are delighted to announce completion of the purchase of Twemlows solar farm, bringing it into community ownership. We would like to thank all of you that invested in our share offer to realise this long held ambition.
In 2023, Shropshire and Telford Community Energy (STCE) raised £294k in share capital to bring Twemlows solar farm into community ownership, as part of a portfolio called Community Energy Together.
UK solar farms with a collective capacity of 36MWp have been transferred into community ownership, increasing England and Wales’s community solar capacity by one fifth, collectively generating enough energy to power almost 13,000 homes.
This is expected provide over £20m in forecast community benefit funding from surplus revenues, which will be used to support local programmes addressing important issues such as homelessness, food and fuel poverty, education and climate action while supporting the UK’s transition to net zero.
The other groups are Gower Power, Kent Community Energy, Wight Community Energy and Yealm Community Energy.
The handover is the culmination of a process by which the groups have taken ownership of solar assets in their community.
The deal has been facilitated by Community Owned Renewable Energy (CORE), a partnership between the UK’s leading social impact investor Big Society Capital and Power to Change an independent trust that shapes the conditions for community business to thrive.
Designed and managed by the UK’s leading environmental impact investment advisor and fund manager, Finance Earth, the closure of the fund marks the successful realisation of its initial purpose of facilitating community ownership of renewable assets and creating funding streams for wider social change.
The partners see community ownership as a vital part of the UK’s journey to Net Zero, with clean energy sources, energy security and funding opportunities to combat social issues all increasing from deals such as this.
Energy security has been a pressing political issue as volatility of gas prices and availability have seen record profits for energy companies and spiralling costs for consumers.
Community Energy Together chair, Leila Ferraby said: “Through the innovative creation of CORE and the successful completion of this transaction, Big Society Capital and Power to Change generated a once in lifetime opportunity for five communities in England and Wales to secure ownership of ground mounted solar farms that generate clean, green, renewable energy and deliver significant surplus funds over the assets’ lifetimes to a wide range of local community projects.”
Big Society Capital Investment Director, Joe Shamash added: “This 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.”
Sharenergy has supported STCE though the development of this project, and are managing the Twemlows share register.