Lawrence Weston secures £150,000 investment from City Funds for wind turbine project
Ambition Community Energy (ACE), a community-owned business led by residents of Lawrence Weston, has secured an investment of £150,000 from City Funds, for a wind turbine project that will reduce local fuel poverty and power nearly 4,000 houses.
The 4.2 megawatt turbine, set to be installed between Severn Beach and Avonmouth, is part of the Lawrence Weston Community Plan to generate and use green energy. With the project set to last 30 years, the turbine is forecast to generate £50,000 per year for Ambition Lawrence Weston (of which ACE is a subsidiary), which can be reinvested into the community. The turbine will also save 94 megatonnes of carbon dioxide.
This £150,000 investment allows ACE to finish the planning and pre-construction stages of the wind turbine project. City Funds was the preferred investor because it meant the community could continue to own the project and its projected income. Over 70% of local residents struggle to pay their energy bill, but the wind turbine will tackle fuel poverty in an environmentally-friendly and sustainable way.
Mark Pepper, Development Manager at Ambition Lawrence Weston, said:
“Without the support and funding from City Funds, this project would have stopped dead in its tracks. Now we have the funding needed to help secure planning permission and deliver a range of community benefits to Lawrence Weston and the surrounding areas.
“Not only will this project provide the direct environmental and financial benefits to Ambition Lawrence Weston, but we also hope this will give confidence to other community groups.”
City Funds combines investment, grant and local authority support to tackle social inequalities. Investments of £50,000 to £1 million can be made through City Funds’ investment advisor, Bristol & Bath Regional Capital, to help Bristol-based initiatives working to reduce social or environmental issues.
Andy Street, Chair of City Funds, said:
“City Funds investment into ACE shows how the right type of investment at the right time can maximise benefit for the community. This turbine will be an important asset for the Lawrence Weston Community, and it will contribute to Bristol’s carbon-reduction goals at the same time."