Image: Ferry Farm.
Ferry Farm Community Solar has completed a £5.5 million transaction to bring a solar array into full community ownership.
The 5MW solar array has been operating since 2016, with the transaction funded by a loan from Leapfrog Bridge Finance.
A further opportunity for the community to invest in the enterprise is set to come later in the year, Ferry Farm said.
The transaction has been a long time coming, taking six months to get through the financial process and “several months of negotiations prior to that”, Community for Renewables’ (CfR) Tom Cosgrove explained.
“To complete the transaction in the midst of the lock down is a credit to all parties and shows how important it was to everyone to get it done and enable the enterprise to mobilise the Corona Crisis Fund.”
Community for Renewables managed the transaction for Ferry Farm, with the community energy enterprise set up with the support of CfR to manage the community involvement in 5MW of solar at Ferry Farm.
Ferry Farm has a surplus income of around £40,000 per year since its inception, used for an energy and fuel poverty advice service, community grant fund and energy efficiency.
It is one of four community energy organisations to launch Corona Crisis Funds that total £100,000 across the organisations. Ferry Farm has allocated its £40,000 surplus for a Corona Crisis Fund, and has already provided £17,500 to support local organisations in response to COVID-19.