Nottinghamshire Community Energy owns the Langar Lane solar farm and has a 25-year lease with the landowner. We will receive payments under the Feed-in Tariff (FIT) scheme and income from the export of electricity to the national grid.
The projected annual output in the first year is 4,725 Mega Watt hours (MWh) – enough to meet the equivalent annual electricity demand for around 1,150 homes.
As a community-owned asset, the Langar Lane project will provide valuable income that can be reinvested in the local community.
In addition, the project will:
- provide local renewable energy generation that reduces the impact of climate change and improves our energy security.
- offer an attractive ethical investment opportunity – we aim to pay our members 7% interest per annum.
- enable productive use of this lower grade farm land.
The financing of the project is the result of a unique partnership between local investors, regional agencies and a bank. £878,650 was provided by our 122 members, many of whom are from the Nottinghamshire region but which also includes people from afar as Cornwall, Brighton and Edinburgh. A further £2,935,000 was provided by Triodos Bank which specialises in ethical banking and has funded a number of community energy projects. We were also absolutely delighted that two local agencies invested in the project; Nottinghamshire Pension Fund which provided a loan of £1,500,000 and Nottingham Energy Partnership which purchased £500,000 of shares.