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Frome Energy Co-op raises £50,000 in a day!

100 people attended the launch of Frome Renewable Energy Co-op’s community shares on Thursday 14th May with over £50,000 being raised towards renewable energy projects in the town.

The share issue will raise money to finance solar panels to be put on the Medical Centre’s roof and a new solar powered community stand for Frome Town Football Club.

Anna Francis, chair of FRECo said, “The response to the launch has been amazing. We’ve already received over £50,000 of cheques and more are coming in all the time.

“We know from our partnership with Bath and West Community Energy  that these schemes work. Our first project aims to pay investors 6% return, 30% tax break through EIS, it will save 2,000 tonnes of carbon and generate income for the community fund, so it’s good for the planet and your pocket.”

FRECo has ambitious plans to enable Frome to become zero carbon in electricity over the next 10-15 years.

Peter Andrews, who is a director of FRECo and Bath and West Community Energy said, “We aim to raise another £10million for renewable projects in and around Frome in the next five years or so. We’ve done this in Bath now and know that Frome can do it too. As well as all the financial benefits this will generate around £150,000 a year to invest in local environmental projects.

“I’d urge anyone that’s interested to book a free place at our mini launches on Wednesday 3rd June at 6.00pm at Frome Medical Practice and on Wednesday 10th June at 7.00pm at the Cheese and Grain.”

The share offer documents are available on their website and from Frome Town Council’s offices on Palmer Street. To find out more or book a free place visit: www.freco.org or call: 01373 475574 .

 

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