The Society is inviting Members to invest GBP 100 to GBP 100,000 towards solar panels which will be installed on up to nine M&S store in England. In total they will host 981 kWh of solar capacity. M&S will then buy back the energy to power its stores under a 20-year PPA. The Society is targeting an interest rate of 5% each year for its members.
Investment opportunity for customers
After paying interest to its Members, any remaining funds will be invested back into the community, helping to deliver M&S Energy Society’s social and environmental aims. Members will decide which causes will benefit from the money raised. Lydia Hopton, Project Manager at M&S said, “This project is a great opportunity for customers to invest in green energy and help the environment, while also supporting local community groups. We’re really excited that M&S will be the first retailer to launch a scheme of this kind”.
Foster community energy funds
“There’s a real appetite for community energy funds. With community energy, investors can see the tangible difference their investment makes”, Mike Smyth, Chair of Energy4All stressed. “Every pound invested means more solar panels, increasing renewable energy generation and cutting carbon emissions every day. We’re really pleased to be working with M&S and are looking forward to getting started”.
Model for other companies
Lord Bourne, Minister for the Department of Energy and Climate Change (DECC) said, “This new initiative from M&S is an excellent example of private enterprise working with its customers to produce clean, green energy and support local community groups. I would urge other companies to follow suit.”
Green energy commitment
In March 2015 M&S completed the installation of the UK’s largest rooftop array on its East Midlands distribution centre in Castle Donington. The 6.1 MW system generates over 5,000 MWh of electricity electricity per year according to the company. The initiative will also help to fulfil M&S’s green energy commitment to source 50% of its electricity from small-scale renewable sources by 2020.
Energy4All projects have raised over GBP 50 million to construct and operate community-owned renewable energy generation at sites throughout the UK. (HCN)
If you are interested in more information about UK, also read: www.pveurope.eu/News/Energy-Storage/SMA-Sunny-Boy-Storage-2.5-now-available-in-UK, www.pveurope.eu/News/Solar-Generator/BayWa-r.e.-has-sold-the-Homestead-solar-park-in-England-to-CEE
