Local communities are being given a £40 million boost to help them buy renewable energy projects.

Power to Change, an independent trust that supports community businesses in England, and social investment firm Big Society Capital are making the cash available as part of an ongoing partnership.

The collaboration aims to help communities buy up to eight solar farms during the next 12 months.

Communities groups will have up to three years to raise the cash necessary for the purchases.

First deal signed

Vidhya Alakeson, Chief Executive at Power to Change, said: “We believe this to be one of the largest ever mission-aligned investments by a UK foundation.”

Jeremy Rogers, Chief Investment Officer at Big Society Capital, added: “Locally-owned energy can help generate long-term revenue streams for local issues, such as fuel poverty.”

The £40m partnership has already supported Community Owned Renewable Energy (Core) in buying two solar farms from Good Energy. 

> See Power to Change's statement