A £1 million community solar farm thought to be the first of its kind in Wales has been unveiled in Swansea.
There are now 3,568 solar panels at the 1 megawatt site in Dunvant, which will generate enough clean electricity to power more than 300 houses in its first year.
All profits from the scheme will be ploughed into regenerating the local area, building education and skills to “make the rural economy more vibrant”.
Swansea people will be able to invest a minimum of £100 into the scheme, and those living outside Swansea will be able to invest upwards of £300, in a bid to raise more than £500,000 - or up to £1.085 million - towards development and construction costs.
Income from electricity sales give investors a projected five per cent annual rate of interest, along with being able to support exciting local enterprises through profits generated. It means residents will become the solar farm’s owners.
People will be able to find out more at the launch today at Gower Heritage Centre.
The one megawatt solar farm was built by Gower Regeneration Ltd, a community benefit society founded by Gower Power Co-op CIC and Y Felin Ddwr Trust, the charitable body that owns the ever-popular Gower Heritage centre.
Gower Power was also behind the Swansea Community Energy Enterprise Scheme (SCEES), which installed solar panels on nine schools and a care home in the city.
Ant Flanagan, founder of Gower Power and Director of Gower Regeneration Ltd, said: “The SCEES community share offer we co-ordinated was over-subscribed and sold out within two months and we expect this one to be just as popular - so grab shares while you can.”
Chris Small, another of Gower Regeneration’s Directors, added: “Having completed the installation, we’re really pleased to be inviting local people to invest in the scheme.
“Shareholders will be co-owners of the solar farm and have an equal say in how the scheme is run and be part of a growing movement of social enterprises set-up for wider community benefit.
“On top of all that, the scheme promises clean energy for years to come and will help reduce the impact of climate change.”
Mr Flanagan said there will be a series of speakers there on the night along with a kids’ club at the Parkmill attraction from 7pm.
“Everyone is welcome to attend the share offer launch to find out more about the scheme and how to invest,” Mr Flanagan said.
Anyone wishing to attend is asked to register via Eventbrite at http://bit.ly/GowerRegenLaunch or e-mail regen@gowerpower.coop
People can also go to www.regengower.co.uk to find out more about the project.
Gower Regeneration Ltd Share Offer Launch
Date and Time: Fri 12 May 2017 - 7.00pm – 9..00pm
Location: Gower Heritage Centre, Parkmill, Gower Heritage Centre, Swansea, SA3 2EH