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£1 million from Big Society Capital to help fund community energy projects
Howard Lake | 15 October 2012 | News
Big Society Capital is to invest £1 million in PURE, the Clean Planet Trust, which will enable it to fund up to 70 community energy projects in deprived communities in the UK.
PURE’s Community Energy Fund combines both social and private investment: Big Society Capital’s investment will be boosted by donations from companies such as Barclays and British Airways.
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PURE provides low interest loans to community-led projects, enabling them to afford to set up small-scale renewable energy schemes. So far it has used funds from Big Society Capital to issue around £150,000 of low interest loans to five community based projects.
At a reception at the Cabinet Office today PURE CEO Robert Rabinowitz said: “I’m also proud of PURE’s record in ensuring that investment from the likes of Barclays and British Airways is maximised on the ground. Our innovative funding model ensures that we can provide at least £2 of funding to projects for each £1 that’s been donated. We’re sure that more corporate investors will follow suit and invest in new projects across the country.”
www.puretrust.org.uk
- Cambridge University issues first bond to generate income (23 October 2012)
- High street bank loans too difficult to access for most charities, says Charity Bank (19 September 2013)
- SVP reports drop in income (20 January 2014)
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.