£3 Million Or More Raised For UK Community Renewable Energy Projects
Mongoose Energy is located in Bristol, England and helps renewable energy installations get developed, funded, and constructed. In November, BusinessGreen reported that £3 million had been raised by Mongoose for community renewable energy projects. However, on its own site Mongoose wrote that the amount it raised was £4.810 million and that a record £7.825 million had been raised by the British public, “Mongoose Energy cooperatives make up five of top six funds and raised over £4.8 million.” The kind of projects that Mongoose invests in are rooftop solar on school buildings, ground-mounted solar arrays, hydropower, wind, and anaerobic digestion.
The surge was thought to be related to the elimination of the Enterprise Investment Scheme tax relief on community energy projects.
“We are really pleased to see the huge groundswell of support for community energy schemes over recent weeks. Over a third of the total investment raised — £4.8million – was in to the six share offers listed on Ethex. Last Wednesday we saw over £1 million investment raised in just 24 hours! It has involved a lot of hard work – well done to all those concerned. We hope this interest continues with the new community energy share offers we have listed on Ethex the first week of December, albeit without tax reliefs,” explained Jamie Hartzell, chair of ethical investment platform, Ethex.
Fifteen solar power projects were funded, and some of the largest ones were:
- West Sussex Meadow Blue Community Energy (5MWp) — £1,247,587
- Bath and West Community Energy (250kWp) — £1,243,150
Nottinghamshire Nottinghamshire Community Energy (5MWp) — £1,171,600
Edinburgh Edinburgh Solar Cooperative (1.5MWp) — £1,000,000
Bristol Bristol Energy Cooperative (9.3MWp) — £621,729
Kent Orchard Solar (5MWp) — £526,000
Shropshire Nadder Community Energy (440KWp) — £476,500
Some have said the cutting of government support for community renewable energy projects, including solar, could result in 27,000 lost jobs, and that 1000 solar power jobs have already been lost. Another disadvantage is the potential chilling effect on individual investors who may have otherwise wanted to support solar power. The withdrawal of support has created a sense of uncertainty that has caused many to balk.
Surely, renewable energy is the way to go for all countries — because of climate change and air pollution problems — so pulling support for it doesn’t make much sense.
Image Credit: Bath and West Community Energy Ltd.