Renewable energy projects set for £1m windfall

COMMUNITY-owned renewable energy projects across the West Midlands are in line for a £1m windfall following a new initiative by the Co-op.

The Co-operative Enterprise Hub, which supports the creation and growth of sustainable member-owned enterprises, has set aside the funding to dramatically scale-up the number of community-owned renewable energy projects across the country.

Through its enterprise development, mentoring, technical advice and the underwriting of community share issues, The Co-operative Enterprise Hub plans to empower communities to set up their own energy schemes, enabling them to do more to tackle climate change.

Michael Fairclough, head of Community and Co-operative Investment at The Co-operative, said: “The investment is designed to support and encourage co-operatively owned renewable energy projects – providing the tools to create the next generation of sustainable community co-operatives that can control, generate and benefit from their own renewable energy.

“Ambitious community-led projects can contribute to a step-change in people’s thinking about energy and, inspire others to take action – a catalyst for a clean energy revolution across the UK.”

The Co-operative Enterprise Hub is bidding for a resurgence in the number of community-led solutions to the running of businesses and services.

The hub represents a £6m investment in the sector between now and 2014 by The Co-operative, which will support the creation and growth of sustainable member-owned enterprises.