Brighton Energy Co-op (BEC) has hit the £700,000 target of its bond offer target for new solar installation.
Launched in July, the bond will fund 755kWp of new solar at Cardinal Newman School, as well as new PV systems at Newhaven and Shoreham Ports.
Co-op chair Will Cottrell said: “Many thanks to the more than 100 people who bought bonds. Interestingly, around half were existing BEC members with the rest being first-timers to BEC. We also saw a much broader geographical spread of investors than our previous fundraisers.
The majority of bondholders come from the south east of England, but other bondholders are widely distributed across UK regions.
Meanwhile, the first solar projects funded by the bond raise are moving along, says Cottrell.
“Work on Cardinal Newman School begins next week and will continue to the end of the summer holidays. Early September will see us begin on the Newhaven Port 360kWp system, before heading off to Shoreham Port to finish off this latest round of solar builds.
“Many thanks to those of you who have bought our bonds, and to everyone who showed an interest. With more than 700kWp of new solar now in progress, it just shows what we can do when we act together.”
The co-op has several projects in development after this – those looking invest can sign up to its waiting list.