05 November 2012, 12:16 Updated: 05 November 2012, 15:49
Low carbon social enterprise Generation Community has issued a £1 million public share offer aimed at attracting investment for a solar project in Newport, Wales.
The Industrial & Provident Society, founded to develop low carbon energy projects, is seeking investment for its first project, which will see solar panels installed on the roofs of 240 low income homes in Newport.
The organisation said the area had one of the UK’s highest rates of fuel poverty, and that the project was intended to address this problem. Fuel-poor households are defined as those that spend 10% or more of the income on energy bills.
Generation Community is inviting members of the public to invest between £500 and £20,000 in the project. It projects annual returns for investors will be around 7%.
The organisation said, if completed in full, the project would generate 631MWh of clean electricity, leading to 271 tonnes carbon dioxide reductions.
The share offer will close on 5 December. Further details are available here