Totnes residents are showing that – when it comes to generating clean renewable energy for the area around Totnes – they are willing to put their hands in their pockets and invest in a sustainable future, with 500+ locals already pledging more than £250,000 towards renewable energy projects.
And with just a few days to go before the Share Issue is set to end on 4th March, Totnes Renewable Energy Society (TRESOC) – an enterprise intent on building a viable renewable energy business owned by its members – is expecting a flurry of last-minute investments that will take up the total even further.
“The investment we’ve already secured is proof that the people of Totnes care deeply about their town and their environment and understand that renewable energy generates a good return on investment,” said Jane Brady, communications director. “As our projects benefit local people, we’re preparing for a final rush of those who want to lend their support. £250,000 is encouraging, but we believe we can break the half a million pound mark,” added Trevor Branton, acting finance director. “Shareholders are already investors in some truly exceptional projects, such as the arrays on NHS Leatside Surgery, but new investment will allow for solar to be installed on 70+ South Devon Rural Housing Association roofs, benefiting tenants.”
The opportunity follows seven years of TRESOC developing projects without any grant funding. The move means that the society could soon meet its goal of becoming financially self-sufficient thanks to a constant income source from the renewable energy projects.
In addition to the local investment, plans have been further boosted by the prospect of a substantial loan from Charity Bank. Ian Bright, TRESOC’s managing director, said: “TRESOC has succeeded in meeting Charity Bank’s rigorous criteria and we have received a “Heads of Terms” document for a loan of £356,000. There is still work to be done to meet the bank’s conditions and progress to a formal loan agreement, but we believe that this development gives considerable reassurance to anyone who believes in our mission and has been considering investing with us, or investing more.”
With a solar portfolio valued at well over £½ million, TRESOC will have a solid platform from which they can take on further projects and share out a financial return to its members.
Jane explained what this means for members: “We are thrilled to be in this position – now is the time to invest with TRESOC! We are currently analysing our options so our members will have a clear picture of where we are at our AGM. In order to approve the concept of a loan – because it wasn’t included in our prospectus – and agree to the terms, we need our members’ involvement and the final decision about how we move forward will be determined by their votes.”
TRESOC’s Share Issue is still open and is set to close on the date of their AGM, Wednesday 4th March.
