Aldgate Solar Power

ALDGATE SOLAR POWER

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Find out how you can lend your support or skills to developing community energy in London

Solar in the City

It’s here! Repowering London has now developed the City of London’s first community-owned solar project, Aldgate Solar Power (ASP).

The story so far:

  • Working with local people and the City of London Corporation, we have put solar panels on three rooftops in the Middlesex Street Estate in the Portsoken ward.
  • The site now holds a 36 kWp solar array, which cost about £47,000 to install.
  • The plan is that 85% of the electricity generated by ASP 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.
  • The project has been part-funded by a grant from the City of London Stronger Communities Fund and has received other funding, including grants from the Mayor of London’s London Community Energy Fund and the City of London Corporation’s Community Infrastructure Levy Fund.
  • The rest of the funds need for the project are coming from the community – who have been invited to buy shares and will have a personal stake in its success. We hope that local residents will be a driving force behind the project. Find out more about how this process works a bit further down the page. 

Share offer update

We’ve now completed a Community Share Offer that has raised the remaining funds we need to pay for the installation. We were thrilled that our target of £11,300 was met ahead of schedule and by the community’s enthusiasm for the project!

How Aldgate Solar Power will help City residents

COMMUNITY FUND

An estimated £10,000 will be raised from the sale of electricity and spent within the local community.

CHEAP & CLEAN POWER

The local council will receive cheap, clean electricity and a reduction in its electricity bill.

EDUCATIONAL ACTIVITIES

Training for young people will give them valuable skills for the future.

ETHICAL INVESTMENT

Anyone in the community can invest in the project.

FIGHTING CLIMATE CHANGE

CO2 emissions will be reduced by 7 tonnes a year – a total of 140 tonnes over the project’s lifetime.

TACKLING FUEL POVERTY

Our fuel poverty initiatives will reduce the energy bills of local people and alleviate hardship.

COMMUNITY COHESION

The project will bring residents together in a fun and worthwhile cause.

How Aldgate Solar Power works

Repowering London has set up a Community Benefit Society to run the project and hold the funds raised. These Societies are legal entities whose statutory purpose is to serve the broader interests of the community. This means that any proceeds from the project are locked into The City of London and delivered to local residents.

  • Local residents aged 16 or over, businesses, councils and others can invest in the Society by purchasing shares. Shareholders automatically become members. You can invest from as little as £100 (specific concessions £50).

  • To ensure no one is left out, City of London residents can become a non-investor member for £1 and have the same say in how the project is run as any investor. Contact our Community Champion, Manuel Cameron, if you’d like to be a non-investor member.

  • The Society is run by members and a board of directors who come from the local community. Governance of the Society is truly democratic because each member has one vote, no matter whether or how much they invest.

  • The Society uses the funds raised from shares to buy and install the solar panels, which provide regular income. We expect shareholders to receive an estimated return on their investment of around 3% pa over the lifetime of the project and get their initial stake back.

  • After core costs and investor returns have been paid out, any remaining income is given to the Community Fund.
lcs-how-it-works

Ready to get involved?

We are no longer able to accept investors in Aldgate Solar Power, but click the button below to be the first to hear of future share offers. 

We are also happy to hear from people who would like to volunteer for our projects. Simply email Manuel Cameron to let us know you want to help. 

SHARE OFFER DOCUMENT

Full details on investing in Aldgate Solar Power, including our assessment of the risks involved.

SOCIETY RULES

Read the rules that govern our Community Benefit Society.