NAME OF ORGANISATION: Low Carbon Hub
YEAR FOUNDED: 2011
ABOUT: A renewable energy community group backing local action to develop renewable energy resources.
INVESTMENT PURPOSE: To support three of Low Carbon Hub’s projects: Sandford Lock Hydro, Osney Lock Hydro, and mountain solar panels on community buildings.
INVESTMENT AMOUNT: c. £1.3m
DATE OF INVESTMENT: 2016
SOURCE OF INVESTMENT: Resonance Community Share Underwriting Fund
IMPACT: Energy & The Environment; Community & Local Democracy
ABOUT: Low Carbon Hub is a community-focused and sustainable social enterprise committed to the development of renewable energy generation and green electricity. It supports local action to tackle the global issues of climate change through grants and practical help. LCH works in collaboration with a range of host organisations to find and implement real-world solutions to energy systems.
PURPOSE OF INVESTMENT: Low Carbon Hub (LCH) already had a very strong track record in developing community energy projects across Oxfordshire. However, a creative solution was needed to finance their latest hydro-electric scheme – Sandford Hydro (the largest community-owned hydro scheme on the River Thames). Resonance engaged with LCH and Finance South East (FSE) to design a solution to meet this challenging timetable. Together these partners agreed that the Resonance CSUF would lend £600k and FSE £200k in advance of the share offer launch for community investors, thereby unlocking £2m of financing from Charity Bank (ethical bank), to get the project underway. Further investment in two Sandford Hydro community share offers enabled Sandford Hydro to be built. It was connected to the national grid in August 2017, became operational in February 2018 and was fully commissioned in October 2018.
Investment from the Community Share Underwriting Fund also supported two additional Low Carbon Hub projects: Osney Lock Hydro, and mountain solar panels on community buildings. This includes twenty-nine schools, five businesses and three community organizations, some of which get discounted electricity and a cost-effective way to reduce their carbon footprint.
Saskya Huggins, Social Impact Director at Low Carbon Hub: “Sandford Hydro has been a long labour of love from the local community. We were delighted to be able to work with local residents to develop the project, which is now generating sufficient clean, green electricity to power 500 homes – that’s most of the neighbouring village. The financial support from Resonance enabled us to meet our tight project development schedule needed to commission the project. Without their support, our dream to harness the power of the river for the benefit of the local community could have come to nothing.”
Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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