Please see the following Director Letter regarding an extension to the close date of the current share offer. This update was emailed to those who invested up to the original close date of 30th October 2020.
Announcement re. Community Share Offer No. 7 (2020)
29th October 2020
We are very pleased that our share offer has already raised over £500,000 and thank all those who have invested so far.
We have decided to extend the share offer to 31 December 2020. This will enable us to reach a wider audience and give people longer to consider the opportunity to invest. Our immediate target is to have raised £1.15 million by the end of November to secure the European Regional Development Fund (ERDF) grant for our hydro scheme. The grant assessor has confirmed that we have passed the due diligence checks.
After that milestone our next one is the full target of £2 million. This would provide the bridge-funding for construction of the hydro scheme (since the ERDF grant is paid in arrears) and funding for our battery at the Water Lilies microgrid scheme. The bridge-funding would later be recycled on other schemes such as rooftop solar.
We are also in advanced discussions with a supportive organisation about underwriting any shortfall in our share offer.
Thanks once again for your support so far, and we look forward to an exciting few months in raising the remaining funds.
Bristol Energy Cooperative