A CLEAN energy group will tomorrow launch a £1.5m share offer, in a bid to fund a network of solar panels on the roofs of schools and businesses.

Oxford-based Low Carbon Hub has installed its panels on 18 schools and two businesses, including Oxford Bus Company, and hopes to generate cash by selling the electricity generated.

The Oxford Mail can reveal the scheme has won pledges of investment from Green campaigner Jonathon Porritt, as well as entrepreneur Richard Branson.

Low Carbon Hub chief executive Barbara Hammond said: “It’s exciting to be scaling up our work in this way.

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“The launch of the share offer is a big step towards achieving our vision of green, community-owned energy for Oxfordshire.”

The share scheme will see excess electricity that is not being used by host businesses and schools sold to the National Grid, with profits being split between the host, the hub and investors.

From tomorrow until November 28, members of the public can buy stakes worth between £250 and £100,000 in the project.

The Hub has already received confirmation of £160,000 of investment and an additional 200 commitments for unspecified amounts.

Investors can expect a return of five per cent each year, said spokeswoman Rose Marsh, with those who are eligible for tax relief, under a Government scheme, likely to get 8.2 per cent.

Oxford Bus Company is one of the largest members of the scheme, with 540 panels installed on the roof of its Watlington Road garage, in Cowley.

The 140 kilowatt (kW) array is the biggest of its kind in the city.

Finance Director Luke Marion said: “We are very proud the installation was the first partnership between the Low Carbon Hub and local business.

“We are delighted to see more firms starting to come on board with this innovative partnership model.”

Low Carbon Hub has also just announced new partnerships with two firms in Banbury, to develop solar panels capable of generating a total 550kW.

Tools company Norbar Torque Tools Ltd will have a 500kW array on its factory roof and furniture producer Wesley-Barrell is due to have 50kW.

Norbar commercial director Catherine Rohll said: “We are very excited by this project. It gives environmental and social benefits, while at the same time cutting costs and helping us to remain competitive in the global market.”

Low Carbon Hub has said the scheme at Norbar will generate 405,000kW a year, enough to power 100 homes, as well as £12,300 of annual income for more community energy schemes. It is hoped more share offers – featuring a different group of schools and businesses – could be made.

 

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