Big Society Capital is to invest £1 million in PURE, the Clean Planet Trust, which will enable it to fund up to 70 community energy projects in deprived communities in the UK.
PURE’s Community Energy Fund combines both social and private investment: Big Society Capital’s investment will be boosted by donations from companies such as Barclays and British Airways.
PURE provides low interest loans to community-led projects, enabling them to afford to set up small-scale renewable energy schemes. So far it has used funds from Big Society Capital to issue around £150,000 of low interest loans to five community based projects.
At a reception at the Cabinet Office today PURE CEO Robert Rabinowitz said: “I’m also proud of PURE’s record in ensuring that investment from the likes of Barclays and British Airways is maximised on the ground. Our innovative funding model ensures that we can provide at least £2 of funding to projects for each £1 that’s been donated. We’re sure that more corporate investors will follow suit and invest in new projects across the country.”