We will soon be opening a new share offer to enable us to continue raising capital to deliver new community renewables projects, including new community solar PV roofs and our innovative Solar Streets pilot, that includes installation of domestic solar PV and battery systems.
As some of you know from recent discussions, we are not in a position to raise new finance with the same target interest rate as previously, especially in light of the ending of the Feed in Tariff in April 2019 for new projects. So we intend to launch the new share offer with a target interest rate of 4%, potentially rising to 5% as new markets develop over the next few years, and with a minimum purchase of £100.
We will of course continue to honour all past commitments to our existing shareholders with regard to target interest rates. We are bound to meet the terms of all previous share offer documents and neither we, nor any future board can vary these terms in the future.
But we do hope you will be able to support the offer when it opens. We hope you will be able to help us continue to grow and increase our impact. We will be heavily marketing the offer in our area to increase local membership, so please spread the word!
Latest reports about climate change tell us that we need an urgent and rapidly escalating response to carbon reduction. We need to make our voices heard, let our leaders know through positive action that there is real demand for an ambitious response that is proportionate to the threats we face. What better way to do that than by ensuring your positive action supports a local community business committed to delivering community benefit rather than commercial profit.