Intervention: Salisbury
Fund: SASC Bridge Finance
Date of Investment: May 2017. Repaid: June 2022
Impact Area: Conservation of the Natural Environment
Beneficiary Group: People living in poverty and/or financial exclusion
The borrower is a Community Interest Company operating as a community energy producer that owns a solar farm. The facility funded the acquisition of a 5MW fixed-tilt, ground-mounted PV plant located approximately 3.5 miles outside Salisbury. The project benefits a local deprived ward – The Friary – where high numbers of families live in poverty.
Investment made prior to the purchase of Leapfrog Bridge Finance by SASC.
£5.9m loan to finance the construction of a 5MW solar farm by Pfalzsolar GmbH. At the time of acquisition the outstanding principal was £2.2m
Funding community projects in a deprived area
Families facing hardship and poor mental health in an area of deprivation
Community benefit funds of £25,000 per year over 24 years, plus 65% of any surpluses. Power generated for 1,500 homes, saving almost 19,900 tonnes CO2
Support for Stronger Families programme
Very little construction or revenue risk as asset already in place, with full Feed in Tariff (FIT) accreditation
I am thrilled to see another project receive finance through our facility with Leapfrog Finance. The goal we had in making the facility available was to make it easier for communities to acquire large renewable energy assets which had the potential to deliver significant sums to local projects delivering impact in communities. This project will deliver on those goals, making it a great success for Leapfrog Finance, Empower Community and the Salisbury community.
Candice Motran, Investment Director at Big Society Capital
