£10m for St Vincent’s solar panels scheme
RENEWABLE energy firm, Strategic Energy, has secured a £10m funding to install solar panels at social housing properties in the North West.
Strategic Energy, part of Yorkshire-based Strategic Team Group, is already working on the first phase of the project for Manchester-based St Vincent’s Housing Association.
The £10m has been provided by Hazel Capital, a London firm which exclusively invests in clean-tech sectors.
Phase One, has seen solar panels installed at 350 homes in Rochdale, Oldham, Bolton and Manchester, and will be completed by December 12 – the new cut off point for the higher rate Feed-in Tariff.
The second phase will potentially include a further 3,000 photovoltaic panels which will be installed to 300 properties in the Lancashire area, also owned by St Vincent Housing Association.
Together the project will cut St Vincent’s homes’ carbon dioxide emissions by up to 850 tonnes per year. Residents living in houses will benefit from savings on their electricity bill up to £300 per year, based on current electricity prices.
Strategic Energy director, Martin Davidson said: “The funding comes at a pivotal stage in our development and will significantly accelerate our growth strategy in social housing.”
Ben Guest, founder and MD of Hazel Capital added: “Strategic Energy represents an extremely compelling investment opportunity and is now entering into the growth phase in its evolution. Its business objectives are meeting an important and growing market need within the social housing sector.”
Paul Gerrard, lead development manager at Old Trafford-based St Vincent Housing Association said: “An initiative such as this, is so important to St Vincent because ultimately it is all about helping our tenants reduce their bills and manage their finances during a difficult time
“Working alongside Strategic Energy we have managed to reach over 300 homes in an incredibly short period of time, demonstrating our commitment to working in partnership for the benefit of the customer.”