North Lincolnshire Community Energy (NLCE) has launched a new share offer to install solar panels on school, community and public buildings in Scunthorpe and the surrounding area.
The co-op is looking to raise £700,000, with members of the community invited to invest from as little as £50 for a stake in the co-operative. NLCE says the offer has an expected return of 5%.
Between January 2023 and September 2024, NLCE says its solar panels generated more than 1,400 MWh of clean electricity and saved schools over £190,000 in costs.
NLCE’s stated goal is to decarbonise the electricity used by local educational and community buildings, reduce their cost of electricity and exposure to price volatility, and incentivise the transition to clean, zero-carbon renewable energy.
The co-op has been supported by North Lincolnshire Council, who helped to find suitable solar sites and got the first projects off the ground with a grant of £1,400,000 from the Towns Fund. NLCE is helping to fulfil North Lincolnshire’s pledge to become carbon neutral by 2030.
One of NLCE’s bigger solar sites is the Attis Arena (Glanford Park), home to Scunthorpe United Football Club.
New Show Ground CIC, the non-profit community organisation which owns the stadium, said: “North Lincs Community Energy, Energy4All and the team at North Lincolnshire Council were fantastic throughout the entire process, from initial concept, planning, installation, to the after-support received.
“We are hoping that with the solar panels, the club will see up to 65% reduction in their electricity costs, which is great news as we try and become self-sustainable. The club is 100% committed to the town and if our goals for sustainability and efficiency can benefit others, we are 100% committed to that also.”
The share offer will close in February 2025, unless oversubscribed or extended.
Investors are advised to carefully read the document and consider any potential risks.
