Built in 2016, Ferry Farm Solar in Selsey near Chichester (West Sussex), has 18,700 solar panels which generate enough clean energy to power the equivalent of approximately 1,500 homes (5,400 megawatt hours).

The solar farm was constructed as a commercial enterprise but was brought into full community ownership by Ferry Farm Community Benefit Society (Ferry Farm CBS) in March 2020 through use of bridge financing. Ferry Farm CBS secured a long-term loan from Triodos Bank UK in September 2020, which refinanced the majority of the bridging loan. The crowdfunding bond will repay the remainder of this loan and secure the long-term finance arrangements for the solar farm.

Ferry Farm CBS has access to Triodos Bank’s unique Triodos Community Renewables Underwriting Facility (TCRUF) for this bond offer. This initiative involves Triodos Bank UK providing a co-investment and underwriting facility by buying up to 425,000 bonds should it be required. TCRUF is offered by the bank to provide the match funding support needed by community energy enterprises seeking finance to build, acquire or refinance renewable assets.

Ferry Farm CBS has gifted over £135,000 to its local community since 2017 and has played a pivotal role supporting those severely impacted by the Covid-19 epidemic. This has included supplying laptops to schools in the local area to enable remote learning, funding the work of the local foodbank for a year, establishing a hardship fund and delivering meals to those isolating and shielding. Over the solar farm’s lifetime of 25 years, it is expected to generate up to £2 million of community funding.

The bond has a term of 14.5 years paying 4% gross interest annually, rising with inflation. As with all investments, interest payments and return of capital are not guaranteed. There is a £100 minimum investment, and the bond is eligible to be held in a Triodos Innovative Finance ISA (IFISA) that allows interest to be received tax-free. ISA eligibility does not guarantee returns or protect consumers from losing their money.

The solar farm is managed by Community for Renewables CIC, which helps set up and support local energy enterprises to develop, finance and manage their renewable energy generation.

Jake Burnyeat, director of Communities for RenewablesCIC, said: After being involved in a number of successful bond launches with Triodos we’re delighted to be offering this exciting offer to investors. As well as its importance in renewable energy generation, which contributes to the UK’s transition to green energy, the project has been a lifeline to its community during the Covid pandemic. It keeps delivering positive impact time and time again and the crowdfunding capital will bolster its financial resilience as well as its ability to support the community even further.”

Dan Hird, head of corporate finance at Triodos Bank UK, said: “Community energy projects play a vital role in the UK renewable energy sector, providing community empowerment and outstanding support to their communities in times of need. The ability they have to rapidly mobilise funds and help local people is fantastic. Our investors want to support initiatives that deliver positive impact to the planet, its people and communities and this project achieves all three of these.”

Important information

Investments offered on the Triodos crowdfunding platform are not readily realisable, which means that they may be difficult to sell, and you may not get back the full amount invested. Investments are not covered by the Financial Services Compensation Scheme (FSCS) and your capital is at risk and returns are not guaranteed. Repayment of capital and interest will be dependent on the success of the organisation's business model and past performance isn’t a reliable indicator of future performance. You should always read the offer document in full before deciding whether to invest as it will cover risks specific to an individual investment. You can read more about the general risks associated with making these types of investments here. If you are unsure if any of these investments are right for you, you should contact an Independent Financial Adviser.

-Ends-

Notes to Editors

For further information please contact:

Rebecca Bushell

  • T: 07980 601870
  • rebecca.bushell@triodos.co.uk

Ellie James

  • T: 0117 311 0241
  • ellie.james@triodos.co.uk

About Ferry Farm Community Solar Ltd

Ferry Farm Community Solar Ltd is a not-for-profit community energy enterprise which serves the communities of Selsey and Sidlesham in West Sussex. It was set up with the support of Communities for Renewables CIC to manage the community involvement in a 5MW solar array at Ferry Farm on the outskirts of Selsey. The society is governed by a board of volunteer directors and owned by its members (of which there are currently around 100) who invested in a community share offer when the society was first set up. These members have a 1 member 1 vote say in AGM decisions and have been paid 6% per year share interest. However, as a community benefit society, Ferry Farm Community Solar operates primarily for the benefit of the local community rather than its members. The enterprise is expected to generate around £2million to support local community projects over its lifetime.

About Communities for Renewables

Communities for Renewables CIC (CfR) is a community interest company which helps communities across the UK to set up local energy enterprises and works with them to develop, finance and manage their own renewable energy generation.

Since setting up in 2012, CfR has worked with local energy enterprises in over 30 localities from villages to cities to help deliver over 35MW of community solar from school roofs to one of the largest community solar farms in the UK. CfR has supported the financing of community solar projects with a capital value of £56million and our company and asset management team looks after 50MWp of community solar across 7 localities. Over their operational lives, these projects are projected to generate around £20million of surplus income to support community projects in their localities.

CfR’s contribution to leading innovation in the community energy sector has been recognised through CfR winning the 2018 Community Energy England (CEE) Community Energy Champion and Young Community Energy Champion awards and being short-listed for CEE community energy finance award, 2018 and 2019 Renewable Energy Association awards and 2020 Natwest SE100 social enterprise awards.

  • cfrcic.co.uk

About Triodos Bank

Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term. 

Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 63 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially. 

Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.

This financial promotion has been issued and approved by Triodos Bank UK Limited for the purposes of section 21 of the Financial Services and Markets Act 2000. Triodos Bank UK Ltd. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales with registered number 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. Details about the extent.