Hastings-based co-operative Energise Sussex Coast is looking to find investors to fund a large solar installation on a nearby campus at East Sussex College, writes Cristina Brooks.
Alongside partner co-op Brighton Energy Coop, it is raising £180,000 through community shares to fund 250 kW of solar panels there.
The investing opportunity is open to anyone but the co-op hopes local residents, local businesses and community groups will invest. The minimum shareholding is £300.
Energise Sussex Coast said: “With the transformation of the energy market underway, we hope that excess power generated during weekends and holiday periods can be sold to local residents in the Ore Valley at affordable prices.”
Brighton-Hastings Union
Energise Sussex Coast noted that its partner Brighton Energy Co-op has a track record of investment success.
The Brighton co-op owns 29 community energy projects that pay 5% interest to shareholders.
Investors in the proposed college project, dubbed 1066 Local Energy Shares, will become voting members of Brighton Energy Co-op.
Following the title, installation of about 1066 panels is planned to go ahead.
New College Group
In April 2018, Sussex Downs College and Sussex Coast College merged to form the East Sussex College Group, which is aiming to become “a strategic leader of further education and learning.”
The group will have five main campuses, two in Hastings, one in Eastbourne, one in Lewes, and one in Newhaven, which it says will make it the biggest further education provider in East Sussex.
“Certainly, in terms of financial benefit, its the ability to generate our own electricity, which is a no-brainer, but also its got a fantastic link to our students who are learning construction, electrical engineering and we love to integrate those two things for the benefit of the college."
A launch event for the share offer will take place on December 13.
