Michelmores advises SASC on investment in the UK’s biggest community energy project
Michelmores' Energy team has advised Social and Sustainable Capital (SASC), a fund manager and social enterprise, on its latest investment into the UK’s largest community energy project, Portworthy Community Energy near Stratford-Upon-Avon in Warwickshire.
The investment from SASC’s recently relaunched Third Sector Investment Fund is SASC's fifth in this sector, with a total commitment to community energy of just under £10m.
Portworthy Community Energy will be the largest community owned energy company by generating capacity in the UK. It will generate enough electricity to power around 4,500 homes and deliver £4.8m in local community benefits over the project’s 20 year lifetime.
Alexandra Watson, Partner in the Energy team who led the project, said: "We were delighted to have supported SASC with this further investment into the community energy space, which involved both secured and unsecured lending from both the Third Sector Investment Fund and the Community Investment Fund."
Benjamin Rick, Co-Founder and Managing Director of SASC said, “This financing underpins SASC’s strategy to fund more community-owned assets that deliver real social impact and enable people to take a stake in their local energy infrastructure. This is now the fourth deal with have completed alongside Michelmores in this sector"
The Michelmores Energy team, led by Partner Alexandra Watson and Senior Associate Karen Dunstone, has previously supported SASC in its community solar investments in Lawrence Weston (Bristol), Ernesettle (Plymouth) and Gawcott Fields (Buckingham).