We’re delighted that there was such a strong response to our Share Offer for the Downlands School Solar project, launched on 8th November. Share applications started coming in straight away, and the share offer is now fully subscribed and closed (more than a month early). We will implement the strategies for over-subscription that we talked about in the Share Offer: prioritising local investors, and reducing the share allocations to the larger investors.
We’re sorry to disappoint anyone who had hoped to invest (or hoped to invest more) – but keep your eyes open for our next project, which is in the planning stage right now. There will be other opportunities to buy in to the community energy ethos.
Good news for investors is that HMRC have given us Advance Assurance that we are eligible for the Seed Enterprise Investment Scheme (SEIS). This allows UK taxpayers to claim tax relief up to 50% of their investment. From April community energy projects will come under a different arrangement for tax relief, but the Downlands project, and possibly project two if we can get it done in time, will be eligible for the more generous SEIS tax relief.
We are now pressing ahead with the Downlands project, and hope that all the final details can be in place for the planned February half-term installation. There is still much to keep the HKD Energy directors busy in the run-up to Christmas.
At the launch event we heard about a number of other possible sites for community solar projects in Hassocks, Hurstpierpoint and Ditchling. If you know a building that might be interested in being part of such a project please get in touch with us: firstname.lastname@example.org.