SE 24 are raising £200,000 to be invested in solar panels, generating a 4% rate of return, clean electricity and community benefits!
Sustainable Energy 24 Ltd (SE24) launched its first share offer last Summer. We raised £80,000 from investors and completed two of the three roof-top solar photo-voltaic projects that were in the portfolio at that time. For the two completed projects – at Herne Hill United Church (pictured above) and Herne Hill Methodist Church Hall – SE24 managed to capture the higher levels of Feed-In Tariffs (FITs) that provided the impetus for creating many Community Energy businesses across the country. The funding that wasn’t needed in relation to the third project was returned to investors.
Despite the swingeing cuts to the FITs that were imposed by Government later last year, we have identified a window in the new lower FIT regime where we can make larger projects financially viable. We now have two projects for which we will be seeking £200,000 of finance in a new share offer to be launched very soon in late May 2017. Our founder investors have come forward already and pledged £44,000 towards this, so we still need to raise a further £156,000. The offer to investors is as before, namely a 4% return on invested capital over 20 years.
The two new projects are each significantly larger than those at our existing sites.
The first project is at St. Christopher’s Hospice in Sydenham which does sterling service to promote and provide skilled and compassionate palliative care of the highest quality. Over the 20 years of our investment, we hope to deliver more than £21,000 in electricity savings for the hospice, money which can be released for frontline services.
The second project is at Dulwich College, a leading independent day and boarding school, where we estimate electricity savings of £51,000 over 20 years. Together, these projects will avoid CO2 emissions of around 1,100 metric tons over 20 years.
As with the two earlier projects, we will also be setting aside revenue, estimated at £60,000 over the 20 years, to go into a community fund that will be used to address fuel poverty and provide education to communities about energy efficiency and climate change.
Please register your interest us with us by e mail to [email protected]. We will send you our detailed Share Offer documentation soon so you can consider applying for shares during a 4 to 6-week period starting in May.
Alan Jones – Chair of SE24