Australia’s first community-owned renewable energy retail and solar installation company has published a Share Offer Prospectus for an Initial Public Offering (IPO).
Enova Energy, which will operate in New South Wales’ Northern Rivers region, aims to raise $4 million in capital through the IPO to fund its development.
A consortium including local council representatives, Office of Environment and Heritage and the Total Environment Centre have previously carried out a feasibility study that determined it was viable for the Northern Rivers community to own and operate their own energy company; assuming it can raise a minimum of $3 million for start- up and working capital.
Profits generated from the sale of renewable energy will be reinvested in new renewable energy projects in the region as well as supporting the community in reducing fossil fuel dependency.
“We estimate as much as $80 million a year flows out of the region in operating expenditure and profits to existing energy companies,” said the Chair of Enova Community Energy, Alison Crook AO.
“Our aim is to capture as much of this as possible for the region. Returns will be made through a combination of dividends and social benefit projects, as well as direct and indirect job opportunities within the region.”
Enova says once up and running, it will offer the most generous Feed in Tariff ( FIT) and the best 100% Green Power offer.
While it intends to support the local renewable industry where possible; initially there will be insufficient local generation and Enova will source renewables from outside the Northern Rivers region
“But as new sources come on stream locally, we will endeavour to enter into supply contracts which are both supportive of the local industry and affordable for our customers,” says Enova Energy’s web site.
A detailed Prospectus can be downloaded here. The share offer closes on 25 September 2015.
The Northern Rivers region covers a large area of NSW and incorporates towns and cities including Byron Bay, Lismore, Ballina, Grafton and Tweed Heads.
“If any region can show how renewable energy can reduce our impact on the environment, while benefitting the community, the Northern Rivers can. Enova Energy aims to position the Northern Rivers as a leader in supporting community owned renewable energy projects,” says the company.