Hampshire County Council sets up investment fund offering £25,000 to renewable energy projects
THE county council has pledged to invest hundreds of thousands of pounds into renewable energy projects.
Hampshire County Council has announced the establishment of a new £250,000 investment fund, with up to £25,000 available for individual projects being launched across the county.
The aim of the fund is to stimulate significant community investment in renewable energy across Hampshire.
Cllr Jan Warwick, executive member for climate change and sustainability, said: ‘I fully support this move and am very happy to agree that we create this new fund. Realistically, if Hampshire is to become carbon neutral this can only be achieved if residents take action within their own communities.
‘As a county council, we can help by kickstarting investment, together with advice and leadership, to get projects that will generate local renewable energy off the ground.’
Investment in a share offer will enable a community to operate a renewable energy scheme and earn income, the county council claims.
The hope is that once a scheme is operational, it should then attract additional shareholders and/or secure borrowing against the assets of the existing scheme, enabling it to be extended to a wider community base.
Any profits that result from community schemes will go back into the revolving community energy fund (RECF) for investment in other community schemes, making it a sustainable funding mechanism for the long-term.
Hampshire County Council has set a target for climate resilience acknowledging the significant impact of climate change on the county’s communities, infrastructure, and the services it delivers.