Community renewables share offer now live
West Oxford Community Renewables have launched a new share offer to raise the £280,000 needed to bring the solar PV array on Matthew Arnold School back into community ownership.
Investors are being offered a 5% rate of return (8.1% if the scheme is approved for EIS tax relief) and the school will benefit from discounted electricity and a contribution towards a new roof. The purchase could increase the support WOCoRe is able to provide to local environmental projects by £250,000 over its lifetime.
The array was originally installed by WOCoRe in 2010 using government grant funding. Following an EU ruling about combining the Feed in tariff and grant funding, WOCoRe sold the array to Oxfordshire County Council. The Council is now offering WOCoRe the chance to buy back the array, so it can be returned to community ownership as originally intended. You can download the share offer from www.wocore.org.uk.
They have a target of 21 March to raise the funds so please help them spread the word.