£9m boost for Bristol Energy Co-op

A funding boost for Bristol Energy Co-op (BEC) has raised £9m of investment since November – making it the UK’s largest community energy company by capacity. The enterprise has signed agreements worth...

A funding boost for Bristol Energy Co-op (BEC) has raised £9m of investment since November – making it the UK’s largest community energy company by capacity.

The enterprise has signed agreements worth £4m with Bristol City Council, Social and Sustainable Capital (SASC) and Triodos Bank, bringing the total raised to £9m.

The investment will add 9.3MWp of community-owned solar generation capacity to the UK energy grid. Most of the added £4m will go towards a 4.2MWp solar site at Lawrence Weston, in north west Bristol.

When construction of the array is completed in June, BEC will become the UK’s largest provider of community energy, producing enough clean energy to power around 2,400 homes.

Bristol Energy Co-op reaches £2m funding milestone

Andy O’Brien, a co-director at BEC, described community energy as “fast-growing and essential” to the UK’s energy mix.

“The addition of finance from Bristol City Council, along with SASC and Triodos Bank, highlights the strength of the BEC offer and adds to the investment from Close Brothers Bank,” he said. “Over £2.3m has also been raised through our bond and share offers.

Andy O'Brien
Andy O’Brien

“We expect two principal types of investors to be interested in the bond: local investors who want the ability to back an ethical, renewable energy project that puts back into the community; and those who simply want a better rate than you’d get in an ISA or savings account.”

Triodos Bank finances loans for customers creating social, environmental or cultural value. Philip Bazin, environment team manager at Triodos, said: “We are proud to have provided loan finance for this ground-breaking sustainable development. Not only will the project help contribute to renewable energy production in the UK, but it will create much needed social investment in the local area. “

Profits from energy generation will be used to fund £4m of social projects across Bristol and Somerset – such as fighting energy poverty or increasing homes’ energy efficiency.

BEC currently have two crowdfunded offers available for individual investors – a two-year fixed bond offer, and a share offer. More details of these can be found at www.bristolenergy.coop.

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