Michelmores LLP has advised Chelwood Community Energy Limited (CCE) on a £2.75m share issue, to help fund its community renewable energy scheme.
CCE was established in early 2015 by residents of the village of Chelwood near Bristol, with the aim of creating a renewable energy supply – as well as generating funds to benefit the local community and protect local wildlife. The project is one of a series of community renewable schemes initiated and managed by Mongoose Energy Limited, who will be working closely with the Society to help achieve its goals
The share issue was launched in partnership with the ethical bank Triodos, and offers investors 5.5% annual interest in the first year, increasing in line with the annual retail price index (RPI). The minimum investment is £500, yet for locals who live within a five mile radius of Chelwood a lower minimum investment of £200 is available.
The community group intends to install a solar farm on 22 acres of nearby unused farm land. The solar farm is predicted to generate around 4,844MWh of green electricity each year − enough to meet the annual electricity consumption of 1,160 typical homes. Additionally the group will contribute surplus funds to the Chelwood Community Benefit Fund to finance local infrastructure projects, wildlife conservation measures and to contribute to energy efficiency schemes.
Alexandra Watson, Associate in Michelmores’ Energy & Renewables team provided support on the fundraising aspects of the share issue.
“It is a real pleasure to be involved in such an interesting community project as Chelwood Community Energy. We hope that the scheme is successful in developing this forward-thinking green energy initiative and that other communities like Chelwood are inspired to follow their lead.”
The Chelwood Community Energy share issue is the fifth fundraising project the Michelmores Energy & Renewables has worked on alongside Triodos Bank recently.