Community solar group calls for investors

They have launched the Rossendale Valley Energy Solar share offer, aiming to raise £350,000 to install a rooftop solar photovoltaic (PV) array at the Interfloor factory in Haslingden.

Investors can purchase shares from as little as £100, up to a maximum of £35,000, with a target annual interest rate of 6%. The group hope that this will make the offer accessible to a wide range of residents in Rossendale – and beyond. The project is the result of a 25 year agreement between Interfloor and RVE, with a 20-year repayment plan for share capital.

The 882-panel solar array is set to generate an estimated 360MWh of clean energy annually, with around 85% of the electricity used on-site by Interfloor, costing them less than their normal energy costs. This sustainable model not only helps the business reduce reliance on fossil fuels but also offers substantial environmental and financial benefits to the local community.

Kate Gilmartin, Chair of Rossendale Valley Energy, said: "As a Community Benefit Society, we are committed to delivering sustainable energy solutions while reinvesting in our local community.

“This project is a fantastic opportunity for individuals and businesses to take part in the green energy transition, all while receiving a fair return on their investment.”

“This is the first of many opportunities to buy into a non-profit solar scheme which will benefit the community”

The community share offer opens on 28 April 2025 and will remain open until 31 July 2025 or until the target is met.

Interfloor’s Managing Director, Gary McEwan, said: “Partnering with RVE on this solar project aligns perfectly with our sustainability goals.

“It’s a great opportunity to not only reduce our energy costs but also make a positive contribution to the environment and the local community. We’re proud to be part of such an impactful initiative.”

In addition to generating renewable energy, the project is expected to contribute a minimum of £2,000 annually to support RVE’s wider initiatives, including community energy advice and low-carbon heating solutions. Over the lifespan of the project, contributions to the local community are expected to reach £250,000, subject to financial performance.

The solar array will be owned and maintained by RVE for its members, with a lease and Power Purchase Agreement (PPA) already agreed with Interfloor. This long-term partnership supports Interfloor's sustainability goals, providing a cost-effective energy solution and demonstrating its commitment to local economic and environmental initiatives.

Interfloor, Europe's largest manufacturer of carpet underlays, has been an integral part of the Lancashire business community for nearly a century. This partnership with RVE marks another step towards their sustainability objectives, all while benefiting the local economy and the environment.

Interested investors can apply via the RVE website at https://rvenergy.org.uk/projects/rve-solar/ or contact Sharenergy at [email protected].

Shares will be allocated on a first-come, first-served basis, with refunds issued if applications exceed the target amount.