Westmill Solar Co-op and REScoop have completed a pioneering cross-border co-operative investment, in partnership with energy co-ops from Spain, France, Belgium and the UK.
The £5m, 10-year refinancing loan for Westmill Solar, a 5MW community solar farm in Oxfordshire, is part of REScoop Mecise (Mutual for European Communities Investing in a Sustainable Europe), a pan-European initiative with the stated goal of mobilising citizens across borders in the fight against climate change.
REScoop Mecise is supported by REScoop.eu, the European federation of energy communities which represents a growing network of 2,250 energy cooperatives across Europe and their 1.5 million members.
By borrowing from other co-operatives rather than traditional banks, Westmill Solar – one of the UK’s first and largest renewable energy co-operatives with over 1,600 members – says it is joining a network of like-minded European communities committed to sustainable investment.
Chair Tom Parkinson said: “Westmill has always been innovative, ground-breaking, and different. Borrowing from other co-operatives, rather than from banks or private equity, directly connects us to an international community of citizens committed to sustainable energy. Our board believes this loan will not only support Westmill but also shows the huge future potential of REScoop MECISE to transform the way community energy is funded. We’re confident it will be the first of many such partnerships.“
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Working through REScoop MECISE, five different co-operatives from four European countries with a collective membership of over 170,000 people are sharing the Westmill investment, in a bid to democratise energy ownership across Europe.
REScoop Mecise president Karel Derveaux, speaking for Ecopower, said: “This is a genuinely groundbreaking deal – a network of the biggest energy co-operatives in Europe using the strength of their finances to raise funds in a completely new way.
“It required close cross-border collaboration which wasn’t without its challenges. But we proved that the co-operative approach, with all the due diligence and legal safeguards you would expect, can achieve the same level of professionalism as any other major investment.”
REScoop president Dirk Vansintjan said: “Europe works best when we work together – across borders but with shared values. European co-operatives are proving we can create a radical yet professional alternative where communities and citizens, rather than wealthy investors, shape the future of energy. We are united in our concern about climate breakdown, and this collaboration shows that by working together, we can take meaningful action.”
Westmill Solar’s involvement in the deal reflects a broader desire among energy co-operatives to redefine the investment model for the energy transition, in the hope of giving citizens a key role in shaping Europe’s future energy landscape.
The co-op says the move also offers attractive fixed-cost funding which will put it on a firm foundation for the next decade. It will use the funds to develop its operations – for instance, by exploring the potential to install batteries alongside the solar panels and for local supply – and increase investment in other community-owned renewables.
Alongside this, Westmill will continue with its annual community funding commitments for other sustainability projects. Since the community funding programme was launched in 2014, Westmill has allocated over £825,000 to fund more than 50 projects ranging from developing free education materials for schools, insulating nearby community buildings and supporting local sustainable food projects.
