Brixton Energy Solar 1 launches its share offer.
Brixton Energy is launching Britain’s first inner-city community-owned solar power station. The power station will generate clean, green electricity for one of the most economically deprived areas in the UK.
The ‘Solar 1’ project will see several hundred square metres of solar panels installed on the roofs of residential buildings within the Loughborough Estate in Brixton. Over its 25-year lifespan, the Brixton Energy Solar 1 project will:
- generate clean electricity
- reduce the carbon footprint of Brixton
- raise funds to improve the energy efficiency of cold homes in the area
- and provide shareholders with a decent annual return on their investment
Brixton Energy’s share offer is seeking to raise £75,000 to fund the capital cost of the installation. Once installed, the panels will generate a steady revenue stream from the government’s Feed-in Tariff scheme.
An investment in Brixton Energy Solar 1 is an investment in the future of Brixton. Investors can support the project with anything from £250 to £20,000. The group’s new prospectus describes how this money will be put to good use while also providing an annual return of up to 3% for investors. The share offer closes on March 10th – and the panels should be up and running three weeks later.
Founding member and signatory of Brixton Energy, Agamemnon Otero, said “It’s great to see the ‘Solar 1’ project finally off the ground, we’re hoping it will be a template and pioneering community project to inspire other urban initiatives across the capital. We want ‘Solar 1’ to help people recognise how beneficial owning their own energy can be”.
A portion of the income generated from ‘Solar 1’ will be reinvested in a Community Energy Efficiency Fund. This Fund will support energy-saving improvements in the local area, such as draught proofing, insulation and education on energy efficiency.
Repowering South London (RSL) is a community led initiative and is a constituted voluntary organisation. RSL believes that community-owned energy is an excellent way to start reducing dependence on oil, protecting against rising fuel costs and environmental damage.
Repowering South London aims to
- Generate renewable energy in Brixton and South London
- Develop opportunities for a community investment vehicle
- Increase resilience by reducing dependence on big energy companies
- Use retained profits to educate residents about energy efficiency
- Tackle fuel poverty and
- Provide training and employment for local people
Brixton Energy Solar 1 is the first project of Repowering South London. Brixton Energy Solar 1 is a new co-operative which aims to create community owned renewable energy projects which encourage residents and businesses in Brixton to own their own energy. The co-operative are hoping for this project to be a template and inspiration for many similar urban initiatives across South London.
Generating Brixton’s own sources of renewable energy, coupled with reducing its energy consumption will greatly increase Brixton’s energy security against the effects of peak oil.
Brixton Energy Solar 1 share offer
Share offer is open from 16th February 2012 to 10 March 2012
Installation of PV panels is set to take place on March 15 2012
Generation of Energy from Solar 1 by March 31 2012
For details on the share offer visit www.brixtonenergy.co.uk/shareoffer
Brixton Energy is supported by
Transition Town Brixton: www.transitiontownbrixton.org
Lambeth Council: www.lambeth.gov.uk
United Resident Housing: www.urh.org.uk
Loughborough Estate Management Board: www.urh.org.uk/loughborough-emb
