Aldgate Solar Power (ASP)

The first community-owned solar project in the City of London. Working with local people and the City of London Corporation. This project has a capacity of 36,8 kWp of Solar Energy, costing £46,700 installed on rooftops in the Middlesex Street Estate in the Portsoken ward. Funds for the project comes from carbon offset schemes, donation from corporations as part of their corporate social responsibility strategy, all of which accounts for 76% and 24% of the initial investment will be raised by selling shares in the project to community members. It is estimated that 80% of the electricity generated will be sold to the City of London Corporation to power the site’s communal areas. The remaining energy will be sold to a licensed energy supplier to be used off-site. How it works: We will set up a Community Benefit Society to run the project and serve as the vehicle through which funds are raised. Community benefit societies are legal entities whose statutory purpose is to serve the broader interests of the community. By using this model we ensure that financial returns are locked into the City of London, delivered back to the community, thereby delivering a truly socially responsible energy project. Local residents, businesses, councils and other stakeholders can invest in the society by purchasing shares and becoming shareholders and members. The society is run by its members and a board of directors who come from the local community. Governance of the society is truly democratic as each member has one vote, regardless of the amount they invest. The funds raised through the shares allows the society to buy and install renewable energy assets (solar panels) and provides an income stream. Shareholders receive a competitive return on their investment in the range of 3-4% per annum. After meeting core costs and investor returns, surplus income is ring-fenced to be spent within the community.