Sharenergy clients Rossendale Valley Energy (RVE) have launched their first share issue, targeting a raise of £375,000 for a solar array on one of the largest factories in their area.
The Interfloor factory in Haslingden has been producing textiles since 1955, and the site is now Europe’s largest producer of carpet underlays. Their connection to Lancashire goes back even further to the 1920s, and they are very involved with their local community through their support for Lancashire Adult Learning and Active Lancashire amongst others.
Sharenergy has been supporting RVE to develop a portfolio of local solar projects, of which this is the first to reach the point of investment. The 467.5kWp array will join an existing 520kWp array on the site owned by Interfloor themselves.
The group have already won multiple awards for their pioneering Net Zero Terrace Streets project, which is working on a solution for decarbonising the heat needs of terraced houses that typically do not have space for air sourced heat pumps.
The share offer was launched with a banner reveal at the Interfloor factory this week, where the group and Interfloor staff were joined by Rossendale Borough Mayor Judith Driver and the MPs for Rossendale and Darwen, Andy McNae, and for neighbouring Hyndburn, Sarah Smith. The offer is planned to run for three months until July 28th, or earlier if the share issue target is met in less time. Supporters are invited to invest as little as £100 or as much as £35,000, on which RVE hopes to be able to offer an interest rate of 6%.
The 882-panel solar array will be able to generate an estimated 368MWh of clean energy annually, with around 85% of the electricity used on-site by Interfloor, costing them less than their normal energy costs. This sustainable model not only helps the business reduce reliance on fossil fuels but also offers substantial environmental and financial benefits to the local community.
Kate Gilmartin, a director of Rossendale Valley Energy, said: “As a Community Benefit Society, we are committed to delivering sustainable energy solutions while reinvesting in our local community.
“This project is a fantastic opportunity for individuals and businesses to take part in the green energy transition, all while receiving a fair return on their investment.”
“This is the first of many opportunities to buy into a non-profit solar scheme which will benefit the community”
Read all the details about the share offer and invest via their website: https://rvenergy.org.uk/projects/rve-solar/.
Your capital is at risk when you invest, so never risk more than you can afford to lose.