Westmill Solar Co-operative has completed Europe’s first cross-border co-operative solar investment for a community energy project.
The initiative was achieved through a partnership with energy cooperatives from Spain, France, Belgium, and the UK, and an innovative financing deal with REScoop MECISE (Mutual for European Communities Investing in a Sustainable Europe).
Westmill Solar secured a £5m loan over ten years to refinance its 5MW community energy project in Oxfordshire, England.
This funding will support the project for the next decade, increase investment in other local energy cooperatives, and explore potential expansions, such as the addition of co-located battery energy storage systems (BESS).
The partnership involves five different energy cooperatives across four European countries, representing over 170,000 members.
REScoop MECISE, a pan-European initiative supported by the European Federation of Energy Cooperatives, RESCoop.eu, promotes cross-border collaboration among European citizens to combat climate change.
Karel Derveaux, president of the REScoop MECISE board, remarked, “This is a genuinely groundbreaking deal – a network of the biggest energy co-operatives in Europe using the strength of their finances to raise funds in a completely new way.
“ It required close cross-border collaboration which wasn’t without its challenges! But we proved that the cooperative approach… can achieve the same level of professionalism as any other major investment.”
Tom Parkinson, chair of Westmill Solar, added, “Borrowing from other co-operatives, rather than from banks or private equity, directly connects us to an international community of citizens committed to sustainable energy.”
Dirk Vansintjan, President of REScoop.eu, emphasised, “European co-operatives are proving we can create a radical yet professional alternative where communities and citizens, rather than wealthy investors, shape the future of energy.”
This development highlights the growing popularity of community energy, especially in the solar sector, and the increasing need for innovative financing solutions.
