Grimsby Community Energy Limited is a Community Benefit Society which has installed PV panels on 5 community buildings in Grimsby, amounting to a total capacity of 100kW. They are supplying cheap electricity to the buildings where the panels are located, putting money into a community benefit fund, and reducing CO2 emissions by about 800 tonnes over 20 years. The community fund will be ploughed back in to helping local community groups and buildings to become more energy efficient.
GCE are seeking to raise £78,000 through our share offer to refinance loans used to install the panels. Loans were obtained for the installation in order to be able to commission by the deadline to get our pre-registered FIT tariff. The plan was that once the installations were complete, and FIT tariffs fixed, the loans would be refinanced by community shares, which is what this share offer is for.
We are very pleased to be able to say that, subject to final confirmation in May, all share applications up to a total of £39,000 will be matched £ for £ by a block purchase of shares by Cooperatives UK.
In addition, this share offer has been awarded the Community Shares Standard Mark by the Community Shares Unit which demonstrates that the offer meets national standards of good practice.
By buying shares, you will become a member of Grimsby Community Energy Limited and will be able to participate in the running of the society on a one member one vote basis.
GCE are predicting that members will get a return of about 4% IRR on shares in the Society.