In an exciting and unexpected turn of events, a floating solar solution is now going to be used for the East Lismore Community Solarfarm.
This change has been made at the sewage treatment plant to overcome the site limitations and maximise opportunities to expand the size of the solar array in the future ~ particularly given Lismore City Council’s plan for 100% renewable energy.
We think it’s wonderful that our prospective community investors can now consider what is an even more pioneering project, together of course with the high profile solarfarm planned for Goonellabah Sports & Aquatic Centre.
Here is an example of what the floating solarfarm may look like:
The two community companies for the projects ~ Lismore Community Solarfarm (Goonellabah) Pty Ltd, and, Lismore Community Solarfarm (East) Pty Ltd ~ have now been incorporated. These are the legal entities which will raise the funds for the two solarfarms, by offering shares for investors. In turn, once the investment offers are fully subscribed, each company will loan the funds to Lismore City Council to build the each of the solarfarms (Goonellabah Sports and Aquatic Centre and East Lismore Sewage Treatment Plant).
A constitution for each of the companies has been fully executed and will be available on the Farming the Sun website in due course.
For this establishment stage of the community companies, Starfish Initiatives is the sole shareholder and has appointed Executive Director, Adam Blakester, as the sole director. Starfish will surrender their share, and Adam will resign as Director, as the community investors become shareholders and in turn nominate to be directors at the each company’s first General Meeting after the investment offers are completed.
The offer documents, formally known as an Offer Information Statement, are being submitted to Norton Rose Fulbright, our legal partners, for final review and is expected for Launch by late May all going to plan.
As these community energy investments are a private offer, it will be only be made available to those parties who have signed onto the Investor Pledge. As at today, 136 people have signed the Investor Pledge. We would greatly welcome your interest as well! You can add your name to the list here.
The funds raised by private investment will be lent to Lismore City Council to build the solarfarms. In the event that there are any excess funds remaining, the terms of the loan provide that the Council may utilise these funds for other projects identified within their 100% Renewable Energy Master Plan.
The tenders to build the solarfarms are being conducted by Lismore City Council. These are now live! These tenders will run in parallel with us releasing the investment offers to raise the funds for the two projects.
In addition to all of the above good news and progress, Starfish is incredibly pleased and grateful for confirmation of a major donation from Diversicon Environmental Foundation. Diversicon’s donation will enable us to cover the full establishment costs for the two Lismore Community Solarfarm projects ~ Australia’s first community-funded and Council-operated projects of this kind. iversicon join with our other financial partners ~ NSW Office of Environment & Heritage, Lismore City Council and The Earth Welfare Foundation.
While this cash funding is essential, it is important to also recognise the substantial pro-bono investments being made by our other partners ~ particularly Embark Australia and Norton Rose Fulbright ~ which in total value are greater than our modest cash budget.
Starfish expresses its sincere gratitude to these Project Partners for their trust and investment in our collective vision and work.
The Farming the Sun collaboration is now working on the following priorities:
1. Finalising the private share offer after legal advice is received
2. Signing the loan agreements (between the two community companies and Lismore City Council)
3. Establishing administrative and financial systems for the community companies
4. Launching the Private Investment Offers
Useful links ~
Find out more about Lismore Community Solar ~
Read more about the floating solarfarm announcement ~