Brighton Energy Co-op has raised almost a quarter of the £200,000 that it is seeking to fund a solar power project in the area.
It said that 40 people had pledged £45,000 between them with two days to go before the Energy Co-op’s share offer goes live.
Most of the pledges have come from people who live in Brighton, including the Green MP for Brighton Pavilion Caroline Lucas.
Others include a 26-year-old website designer and a retired offshore gas rig worker.
As well as the £45,000 pledged so far, Brighton Energy Co-op said that it was also in the running for a further £50,000 through a loan.
The money would come from the Pure/BRE Community Energy Fund, taking the Energy Co-op almost halfway to its target.
Will Cottrell, the Energy Co-op’s chairman, said that it had had “its fair share of travails – in November 2011 the scheme was put on hold pending the government’s sudden cuts in the feed-in tariff (FiT) scheme.
“Dramatic falls in the price of solar mean that the project is once again viable – until the next round of FiT cuts early in July.”
The Energy Co-op expects to generate profits by selling surplus power to the national grid and being paid for it through the Feed-in Tariff scheme.
The share offer opens at 7.45pm on Wednesday (16 May) at the Friends Meeting House.
The Energy Co-op’s directors will also explain how it has evolved and answer questions – with free tea and cakes on hand.
Mr Cottrell said that anyone who could not make it on Wednesday would be able to read about the Energy Co-op’s investment invitation from early on Thursday morning.
This would include an in-depth analysis of what the share offer entails, how the proceeds would be spent and a chance to take part even as a small investor putting in a minimum of £400.
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