Intervention: Buckingham
Fund: Community Investment Fund
Date of Investment: May 2017. Repaid: January 2022
Impact Area: Conservation of the Natural Environment
Beneficiary Group: People living in poverty and/or financial exclusion
Gawcott Fields Community Solar Project generates, more than 4 million kWh of renewable energy each year from a 4.17MW solar farm, built in 2016. It contains 16,000 solar panels and can supply electricity to around 1,000 homes.
The project funds an energy and fuel poverty advice service through the National Energy Foundation (NEF), as well as providing grant funding through the Heart of Bucks Community Foundation.
The loan refinanced the original construction finance which was used build the solar array for community benefit. SASC invested alongside Santander, Power to Change (grant) and community participation (retail bonds)
Improved access to affordable energy, support for community projects in a deprived area
Households faced with fuel poverty in an area of deprivation
The project guarantees £20k per year in community benefit payments and funds the Bee Warm fuel poverty advice service
Without the loan, families would continue to face fuel poverty and local community local community projects and green energy initiatives would have less funding
Asset already in place, with full Feed in Tariff (FIT) accreditation
Social investment offered us a way to fund the solar farm, which will be a tremendous asset to the local community. Raising millions of pounds to fund commercial scale energy projects can appear a daunting task for local communities who often don’t have a lot of experience in the sector. Having innovative, easy to work with funders like SASC, offering products that are tailored to suit each project and achieve the maximum social impact is crucial in realising local energy success stories like Gawcott Fields.
Tom Cosgrove, Director
