The solar farm has already been constructed and is expected to generate enough power for 1,300 homes. The council approved the investment in January of this year, and has now agreed its loan payment following the acceptable completion of due diligence. The project also offers the opportunity for private investors to become involved through a share offer scheme.
“This loan, which will be paid back to the council after two years with an additional return of more than £200,000, demonstrates the council’s commitment to the environment and renewable energy on the Island” said the council’s Executive member for economic sustainability, Councillor Ian Stephens. “We view it as an excellent investment for the Island – and it has been funded as a growth project from our capital receipts, with the support of the council’s Scrutiny Committee, Executive and Full Council. A report into the project, including consideration of the potential benefits and risks, was closely considered by the authority late last year.”
Colin Palmer, chairman of WCE, expressed his delight that the council has come on board to support the project, which is the Island’s first community solar scheme. The loan adds to the funds raised from over 100 new members which have enabled local people to invest in green energy generated in their community. It means that almost all the £5.28 million funding required for the project has now been acquired.
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