£3m community fund to be launched by Burnham & Weston Energy
17 October 2018
Burnham and Weston Energy CIC has reached its £4m fundraising target making it one of the UK’s largest community energy crowdfunding campaigns. The group can now launch its community fund which is forecast to pay £3m in surplus profits back into the local community.
Half of the surplus will be used to support ‘The Sunshine Fund’ – grants for local projects to be managed by Somerset Community Foundation, a local charitable trust. The other half will be used to help households in fuel poverty through an energy advice service managed by us at CSE.
Reaching this target means that the CIC has fully refinanced the loan which was used to purchase the solar farm and put the solar farm into community ownership. This solar farm powers over 2,000 homes and makes over £1m a year.