Community Energy for Goulburn's proposed solar farm has raised more than $1.5 million - three-quarters of its $2 million target - in a fortnight, following its third and final public event earlier this week.
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An estimated 50 to 60 people attended the public meeting at the Goulburn Workers' Club on Wednesday evening. They invested an average of $5000 each, with commitments for a further $263,000 by the end of the evening, CE4G vice-president Ed Suttle said.
This week's event follows an investor information meeting on Wednesday, October 21, which raised more than half a million dollars in half an hour, and a webinar on Wednesday, October 28.
Mr Suttle said the public response had been "sensational".
"Before the offer was put to the public, we had dreams, we had hopes, and we had worries. How was this going to be received? But it's met our most optimistic expectations.
"It really shows the faith the local community has in the project. There are hundreds now who are convinced of the commercial viability of the project."
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Goulburn's would be the biggest community-owned solar farm in NSW, and the first in Australia with battery backup. Built on 2.5 hectares off Bridge Street, it is expected to start operating next July. The farm will generate 1.8 megawatts (MW), and pump 1.2 MW into the grid - enough to power 450 homes.
Shares cost $400 each (the cost of a solar panel, fully wired-up); each investor has a single vote, regardless of how many shares they own.
CE4G needs another $450,000, which they hope will be raised from within the Goulburn community. That way, Mr Suttle explained, all profits would stay local. From November 20, CE4G will offer shares to investors in wider NSW and the ACT.
"There is a queue from outside the region who want to invest in this," Mr Suttle said. "The number of shares available is decreasing. If locals want to be involved, they have to do so by November 20."
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Mr Suttle believes public support has been so strong because the solar farm is a safe investment, with high dividends of 4 to 8 per cent, according to CE4G's conservative forecasts.
"We will have no problem selling the electricity we generate, because there is a massive trend towards renewables," Mr Suttle said.
"Australia per capita already has invested more in renewables than any other country on the globe, but in the next two years the Liddell power station in the Hunter Valley closes. After that, more coal-fired power stations will close. So the requirement to replace that with other sources of electricity is going to grow."
For more information, visit https://goulburnsolarfarm.com.au/ and https://www.ce4g.org.au/. The first website includes a recording of the recent webinar, which provides all details needed for people interested in investing.