Derbyshire green energy co-op lands major shareholder investment despite change of plan

The volunteers at Derbyshire Dales Community Energy (DDCE) had originally hoped to run their own share offer for direct community-ownership of rooftop solar arrays in and around Matlock.

However, with the clock ticking down on its Government funding and challenging conditions for energy pricing, solar panel manufacturers and installation contractors, DDCE has decided to partner with the nationwide Big Solar Co-op to get its first sites up and running.

DDCE spokesperson Steve Martin said: “It’s disappointing in some respects, but with the ongoing volatility we did not have sufficient time to make it work. The energy market is in chaos and there is lots of talk in Government circles about stabilising it, so there may be more favourable conditions in future.

“We have managed to transfer plans for our sites without compromising them, and we will still be party to all the arrangements. Really it’s a major coup in terms of getting community energy off the ground.”

A key part of the deal is that DDCE sites will benefit from Big Solar’s current share offer, open until December 10, which has so far raised around £700,000 from more than 250 investors, to be split across Big Solar’s portfolio of sites.

For a minimum commitment of £100, investors can become members of the co-operative and receive a target annual return of four per cent.

Steve said: “We will be considered as one of four regional ‘nodes’ in the co-op, which means we will get preferential treatment and certainly some of the income generated will be reinvested locally.”

Another advantage is that Big Solar’s panels will be sourced from European manufacturers run on renewables, rather than low-cost alternatives from parts of the world posing more ethical questions over human rights and environmental standards.

If all goes to plan, the first two installations could be in operation by summer 2023, most likely at the Twiggs building, on Bakewell Road, and Tansley grocery wholesaler John Palin.

Plans involving Highfields School have been shelved since it was transferred into the East Midlands Educational Trust academy network.

Steve said: “Our priorities now are decarbonisation and safeguarding local businesses. Many employers are finding it difficult in the face of the energy crisis, if we can get them a better deal it will help to secure jobs.

“We are also in discussions about a smaller array to benefit the Hurst Farm community interest company, which will hopefully provide them with cheaper electricity.”

Although DDCE’s ownership ambitions are on standby, Steve and his colleagues remain optimistic, especially since they landed funding from Derbyshire County Council to help guide similar projects.

Steve said: “The advocacy and support role we’re playing across the county is important. We’ve learned a lot of hard lessons over the past 18 months and we can use that to help other groups manoeuvre around those challenges. The options and opportunities are astonishing, and we’re still looking for more.”

For more information on the Big Solar share offer, go to https://bit.ly/3FxoTOK.

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