Triodos Bank UK has provided finance for what is claimed to be the largest community-owned solar farm in the UK.
Located in Warwickshire, the 60,000 solar panel Heart of England Community Energy solar farm has the capacity to generate enough electricity to power around 4,500 homes.
The total package of £16.3m combines senior loans of around £12m from Triodos Bank UK with junior loans from Social and Sustainable Capital (SASC) of around £4.3m.
Jake Burnyeat, director at Communities for Renewables CIC, said: “The loans from Triodos Bank and Social and Sustainable Capital provide a long-term lower cost finance solution which will help increase surplus income generated by the community solar farm to support local projects.
“It is also important that the funders share our values.”
Philip Bazin, environment team manager at Triodos Bank UK, added: “This transaction proves that community energy schemes can be delivered and financed at scale.
“Such schemes have multiple positive impacts: not only do they help the clean energy transition, but their profits also benefit local people.
“By driving down the cost of finance, we have helped Heart of England solar to operate more profitably and increase its financial contribution to the community.”
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