19 Apr 2011 10:04:10
Ovesco aims to finish environmental project ahead of cuts
Ovesco is looking to raise £307,000 in order to launch the UK's first community-owned environmental solar project.
Business Green reported that developers are looking to have the project up and running before cuts are made to Feed-in-Tariff incentives.
The share issue will be launched today for the scheme, which will see a 98kW installation on the roof of Harveys Brewery in Lewes.
As part of the fundraising drive, investors will be given between three to four per cent back throughout a 25-year period, according to the source.
"The launch of the Ovesco share issue is a significant moment for community energy generation in the UK and the result of many years of hard work," said Howard Johns, founder of Ovesco and chair of the Solar Trade Association.
He went on to say that he hopes a review into Feed-in-Tariffs does not stop other communities from taking on similar environmental projects.
Currently, £158,250 has been raised for the scheme, with investments of between £250 and £20,000 being accepted by Ovesco.