Westmill Solar Co-operative

Westmill Solar Co-operative is the industrial and provident society that owns the Westmill Solar Park in Oxfordshire, England, believed to be the largest community-owned photovoltaic power station in the world.

Westmill Solar Park with part of Westmill Wind Farm in the background.

Project

The project was originally conceived by Adam Twine, the pioneer behind the neighbouring Westmill Wind Farm Co-operative, built in 2011 and registered for the UK feed-in tariffs. It has a capacity of 5 MWP.

Westmill Solar Co-operativie acquired the solar park in October 2012, under an option agreement with the original developers. It raised the necessary finance through public and private share offers and a senior debt bond with a pension fund.

Westmill Solar Park

Westmill solar park is in the United Kingdom located on a site of 30 acres near to Watchfield, on the Wiltshire/Oxfordshire border, just off the A420. The site adjoins that of the Westmill Wind Farm Co-operative.

The solar power plant has over 21,000 solar panels[1] and has been operational since July 2011.

When acquired by the Co-operative, it was the largest community-owned photovoltaic power station in the world.[2]

Co-operative membership and equity
Visitors at a Westmill Solar Co-operative Open Day at Westmill Solar Park.

The Co-operative invited members through a public share offer, launched in June 2012. Despite the tight timetable caused by the expiry date on the option,[3] the issue was 50% over-subscribed,[4] when it closed at the end of July. This raised £4m from c. 1,650 members.[5]

An additional c. £2m was raised by a private placement of B-Shares, mainly from members who had subscribed to the original issue.

Other financing

The Co-operative raised the balance of funding required in the form of a 23½-year senior debt bond. This was arranged with the Lancashire County Council Pension Fund,[6] in what was believed to be the first major funding by a local authority in community-owned energy infrastructure.[7]

See also

References
  1. "The Solar Park". Westmill Solar Co-operative. Retrieved 28 February 2013.
  2. Bredenberg, Al (5 November 2011). "British Cooperative Launches World's Largest Community-Owned Solar Park". inhabitat. Retrieved 28 February 2013.
  3. Goodall, Chris (27 July 2012). "Bid to create world's largest community solar farm reaches funding milestone". The Guardian. Retrieved 28 February 2013.
  4. "Investors rush to get shares in community solar farm business". Oxford Times. 17 August 2012. Retrieved 28 February 2013.
  5. "Members". Westmill Solar Co-operative. Retrieved 28 February 2013.
  6. Browne, Dominic (7 February 2013). "Lancashire invests pension fund into solar cooperative". LocalGov. Retrieved 28 February 2013.
  7. Blackburne, Alex (8 February 2013). "Westmill solar co-op gets £12m backing from Lancashire council pension fund". Blue & Green Tomorrow. Retrieved 28 February 2013.
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