Intervention: Arbroath
Fund: SASC Bridge Finance
Date of Investment: May 2017
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 a community enterprise generating renewable electricity from a 5MW fixed-tilt, ground-mounted solar plant constructed near the town of Arbroath in Angus. Arbroath struggles with growing unemployment and increasing poverty.
Investment made prior to the purchase of Leapfrog Bridge Finance by SASC.
£5.8m loan to finance the construction of a 5MW solar farm. At the time of acquisition the outstanding principal was £2.1m
Funding community projects in a deprived area improving local opportunities and provide curriculum material on renewable energy
Elderly, disadvantaged and isolated families; children and young people in schools
The loan will support £25,000 of community benefit over 24 years, plus 65% of future surpluses; carbon saving of 19,500 tonnes of CO2
Support for Foundation Scotland programme
Very little construction or revenue risk as source 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 Arbroath community.
Candice Motran, Investment Director at Big Society Capital
