Low Carbon Hub, a social enterprise which develops community-owned renewable energy projects in Oxfordshire, announced it has exceeded its initial target of £500,000 in community investment for a community-owned solar energy battery, a month ahead of the project deadline.
It said 270 people have invested over £640,000 in the project to install battery storage at largest community-owned solar energy farm Ray Valley Solar, set up by Low Carbon Hub in 2022.
The is now ‘over-raising’ funds until 26 June. The total battery cost is £1.8 million, with anything not covered by community investment met through loans.
Dr Barbara Hammond MBE, CEO, Low Carbon Hub says, “The interest shown in the project so far has proved that there is huge appetite for community energy projects in Oxfordshire and beyond. Thanks to almost 300 investors, we’re delighted to have reached our initial target, but we’re not stopping there”.
Low Carbon Hub says all profits from its renewable energy projects are invested into other community sustainability initiatives such helping schools, homes and businesses become more energy efficient and reduce carbon emissions.
Members of the public and organisations can buy community shares in the Community Energy Fund via the direct impact investing platform, Ethex.