Michelmores advises Ferry Farm Community Solar on secured bond offer
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Michelmores' Corporate team has advised Ferry Farm Community Solar in West Sussex on the issue of its secured bond offer, promoted by Triodos Bank and launched on their crowdfunding website on 24 November. The offer was extremely popular and was fully funded in less than a week.
Ferry Farm Community Solar is a community benefit society. Its 5MW solar farm has around 18,700 panels which generates over £670,000 a year in revenue. The funds will be used to repay a bridging loan to secure and finalise the long-term financial health of the society. Following an earlier share offer in 2016, the project has generated 24 million kilowatt hours of renewable energy as well as £135,000 in funding to help tackle fuel poverty in its local area and support community projects.
The Michelmores team was led by Alexandra Watson, with support from Adam Quint and Andra Hotomega. Alex said:
"It was a pleasure to advise Ferry Farm Community Solar on this exciting new phase. This venture will secure the longer-term future of the community benefit society and will not only make available clean energy for their local community but invest in its wellbeing."
The Michelmores team also acted for Thera Trust on its bond issue earlier in the year.