Raising £4.32m of positive investment to tackle fuel poverty for over 50,000 households
"Ethex played a big part of our success in raising the £4.32m Social Purpose Bond. We worked very much in partnership and they also connected us with organisations that could help us develop our Bond Instrument and our Bond Offer." Carron Garmory, Our Power Group, Finance Director
It is estimated that around 3.5m households in England, Scotland and Wales live in fuel poverty, meaning that people in those households cannot afford to heat their homes at all times that it is needed. In addition, the big six energy suppliers provide customers with energy tariffs that can often be complicated, opaque and unfairly penalise lower income households as they end up paying considerably more for their energy.
Our Power is a Community Benefit Society (CBS) formed by its members, a number of housing associations. Its overriding mission is to directly tackle the market failings around energy poverty and provide lower income households with fairer and more transparent energy tariff structures.
Over a period of 3 months, in partnership with Ethex, Our Power raised just under £4.4 million through a 3-year transferable bond which was eligible for Social Investment Tax Relief at the recently revised £1.5 million threshold.
The potential social impact of this deal is significant as over the next 5 years Our Power will be able to offer more than 120,000 customers cheaper, fairer and more transparent energy tariffs resulting in the ability to heat their homes for an additional 65 days a year if they use gas and 100 days if they use electricity. The plan also aims to create 200 jobs in areas of high unemployment in Scotland.
Would you like to find out more?
The Ethex development team are here to help from 9am to 5pm
Call: 01865 403 304
The Ethex team are here to help from 9am to 5pm
01865 403 304