Intervention: Bristol
Fund: Community Investment Fund
Date of Investment: May 2016. Repaid: July 2020
Impact Area: Conservation of the Natural Environment
Beneficiary Group: People living in poverty and/or financial exclusion
Bristol Energy Co-operative was established in 2011 with the aim of building community-owned energy infrastructure.
The Community Interest Company aims to help local people (i) use more renewable sources of energy, (ii) reduce their fuel costs, particularly those in fuel poverty, (iii) reduce their energy use and (iv) develop social, cultural, arts and sports activities.
The loan provided finance to build solar array. SASC invested alongside Triodos (senior debt), Bristol City Council (BCC) and local community investors
Improved access to affordable energy and energy saving and support community projects in a deprived area
Individuals and families faced with fuel poverty in an area of deprivation
The CIF loan provided construction finance for a solar array. Annual surplus provides grants to the local community for projects relating to energy advice, improving health and wellbeing; training and employment
Without the loan, local community projects would not have benefited from the increased support
Solar energy is reliable: low risk that annual surplus is not generated and used for the community
The combination of changes to both the Feed-in-Tariffs and investment incentives meant raising the full funds from the community in the required timeframes wasn’t possible. The finance from SASC was therefore crucial in enabling this project to go ahead and meet the FIT deadline. The project will generate substantial benefits for both the environment and the local community.
Andy O’Brien, Director
