In line with the provision in its Share Offer, the Directors of Grannell Community Energy have decided to extend the application date for shares to 14 December 2018.
The decision to extend the deadline has been taken after a great deal of consideration and reflects that there will still be approximately 12 months to complete the installation of the project before the Feed in Tariff deadline.
The number of Investor that have bought shares continues to rise and remains the main focus to raise finance in order to ensure the most community involvement and control, whilst providing a good return for investors. The project is also exploring alternative finance possibilities including an institutional share purchase.
Leila Kiersch, Chair of Grannell Community Energy explains: “We set ourselves a high target to reach in just eight weeks, so while we are pleased to have made good progress, the amount raised to date is not yet sufficient to proceed.”
She adds: “We would like to reassure applicants that all their funds are kept aside and will not be spent until we are in a position to confirm that the project can definitely go ahead. We remain fully committed to return all funds if at any point it becomes apparent that we will not obtain sufficient finance to proceed.”
The team is working hard on a new marketing push, with updates to its website, along with attendance at events, press and social media releases and targeting national advertising. The project will also target long-standing supporters of other community energy projects, because the cuts to the Feed in Tariff scheme are making it very difficult for new projects to be viable, making this project one of the last few opportunities until government policy changes, for the general public to invest in community green energy.
Leila adds: “We have raised nearly £140,000 so far but still have some way to go, if you know anyone who might like to buy shares, please ask them to consider supporting this project and getting involved – and please do give anyone you know who is interested a nudge to get in their applications.”
Grannell Community Energy aims to deliver a project that can bring the community together, generate green energy in the heart of Wales, and offer supporters a fair return for their funds and trust, and all while providing a community fund to support local projects in the area.
If you would like to buy shares in the project please email info@grannellcoop.org.uk, call 01743 835242 or visit the website www.grannellcoop.org.uk
Grannell Community Energy is supported by Sharenergy, based in Shrewsbury, who have facilitated over 30 community energy projects throughout the UK. Their extensive experience is being brought to bear on this project through the Renew Wales programme.
In addition, the Welsh Government is supporting the project through its new Energy Service, which supports the public and community energy sectors in Wales to develop energy efficiency and renewable energy projects.