Last week, Westmill Solar Co-operative in the UK completed the acquisition of Westmill Solar Park, making the project the largest community-owned solar power station in the world.
The £16.5million facility is a 5MW solar farm covering 30 acres and consisting of over 20,000 solar panels. The power station is located near Watchfield, on the Wiltshire/Oxfordshire border.
Westmill Wind Farm is adjacent to the site, which was also started as a 100% community owned renewable energy project.
In the last year, the solar farm has generated 4,900 MWh of clean electricity, enough to power 1,500 households and avoiding over 2,000 tonnes of carbon dioxide emissions.
“Westmill represents the best of what low carbon investment and renewable energy can offer and hopefully will inspire others to realise that when we get together we can make change happen and can engage positively with the threat of climate change,” said founder director Adam Twine.
The Westmill Solar Co-operative share offer attracted around 1650 investors in just 6 weeks- 50% more than was required. More than half of the Westmill members live within 40km of the project. Members will be entitled to a share in the profits generated by the electricity sold. Predicted internal rate of return to members is 9 – 11% over the 24 years of the project.
Aside from the environmental benefits and in addition to offering local residents a substantial return on their investment, the solar farm will boost the local economy by making sure the profits stay in the area, encourage tourism and raise the local area’s profile.
“Solar power will become the world’s greatest energy source in our lifetime; heralding a new era of sustainable and ‘democratic’ energy supply,” said Cooperative chairman Philip Wolfe.
“As the success of Westmill shows, solar energy enables ordinary people to produce clean power, not only on their roof tops, but also at utility scale.”
