Generation Community is a new community cooperative registered with the FSA, pushing the boundaries in Co-operative finance. Gen Community are launching projects (PV, wind, and renewable heating) in the £1 – £2 million range, and are not geographically tied to one specific area of the UK. Gen Community is appealling to the ‘low carbon community’ nationally to finance installations in areas which typically exhibit good locations for installations, such as south Wales, but lack the capital to proceed. Gen Community’s aim is to empower the wider ‘low carbon community’ to aid the roll out of low carbon technologies across the UK.
The first project in Newport, South Wales, will for £1 million, put PV panels on 240 low income houses, reducing their electricity bills by 25% annually, helping to alleviate fuel poverty. The panels are gifted to the occupiers at the outset of the project, taking effect at the end of the 20 year period. With an inverter replacement priced in, each householder should have at least 10 years of usable life left in the equipment. The investing members receive a targeted 7% per annum, a 75% share buyback over the lifetime, and coupled with EIS relief (advance assurance has been achieved) a targetted 10.22% Internal Rate Of Return. The share offer opened on the 24/11 and closes on the 31/01/13. Please see www.gen-community.co.uk for further details.
