When we launched, SCE funded Southill Solar through a community share offer which raised £1.1m and loans totalling £3.4m.
Since then, a significant proportion of Southill Community Energy’s income has gone towards paying interest on those loans. We have been working hard to reduce these costs wherever possible.
Last year we signed new loan agreements with West Oxfordshire District Council and The Phone Coop that allowed us to start paying off our highest cost debt. And in February, we launched our Bond Offer to raise funds to pay off the remainder of our most expensive loan. Lower interest payments mean a more stable business, better security for our members and more for our community funds.
We're very happy to say that our bond offer has now closed - we raised £350,000 in bonds. Many thanks to all who subscribed - a mix of existing members and new supporters.