In an Australian first, a small renewable energy company has turned to use crowdfunding for a new solar farm in southern New South Wales.
In an Australian first, a small renewable energy company has turned to crowdfunding to build a new solar farm in southern New South Wales.
"I think a lot of everyday Australians are very interested in the transition of the Australian energy system to renewable energy, but feel like it's a bit limited how they can play a role," company director Jonathan Prendergast said. "A lot of people don't get that opportunity. They might be in rental accommodation or may not have a house suitable to rooftop solar, so the idea of a community-owned solar farm that people can invest in ticks a lot of boxes."
"You can put a very small amount of money in, but still have a stake. And if thousands of people all put in $250, then that's a substantial amount to be invested in these sorts of projects," Mr Dahlitz said.The company has a $1.3 million grant for the project from the NSW government, but intends to raise a further $750,000 through crowdsourcing.
"Crowdsourced finance is a bit different. It's relatively new legislation compared to co-ops, which are a different structure and quite old.". The sector is regulated by the Australian Securities and Investments Commission . Climate and energy program director at the Australia Institute Richie Merzian said the crowdsourcing model was promising for the broader energy sector, if it were to gain success.
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