Community to take ownership of local renewable energy projects
Published on 23 August 2019
You have an opportunity to help transition Lake Macquarie City to renewable energy while earning an annual return on your investment.
Committed to partnering with the community to reduce the City’s Carbon footprint, we sought interest from local organisations to connect them with Pingala, to receive solar technology and engage with residents to finance it.
Allambi Care, one of the region’s largest community care organisations, is first in the City to take part in the initiative.
The not-for-profit organisation is set to receive and install 60kW of solar panels to power its Charlestown headquarters, and the local community is invited to finance the project through the solar cooperative, Pingala.
The investment benefits you, Allambi Care and the community
This initiative is innovative because it:
provides a not-for-profit organisation who serves more than 2000 people in our community with solar power;
reduces Allambi’s and therefore the City’s carbon emissions;
returns profits to you and other local investors, boosting the local economy and benefiting the community.
The investment opportunity
Lake Mac residents are invited to invest in the Allambi Care solar project by buying shares in the Pingala Cooperative.
Packets of $250 shares are available, with a limit of four share packets per person (up to $1000).
Pingala will take Expressions of Interest to invest and then initiate an online raffle.
This way, hundreds of residents can be a part of this project and gain financial benefits.
Pingala, in collaboration with Allambi Care and Lake Macquarie Council will raise $74,500 to fund the 60kW project. This will cover a large proportion of the electricity usage for the Charlestown site.
Community members who invest in the project will become shareholders in the Pingala Cooperative. This means they become members and co-owners of the Co-operative. Really putting the power back into the hands of community and ensuring that benefits to transitioning to renewable energy stays in the local community. The Pingala Cooperative seeks to deliver dividend payments to its shareholders of between 5-8% per annum.
Express your interest in investing in the project
If you wish to invest in the Allambi Care solar project, read Pingala’s Disclosure Document and Cooperative Rules, before filling in the Expressions of Interest form.
Community investor Expressions of Interest form
*The information provided by Council is not intended as, and shall not be understood or construed as, financial advice. Always seek financial advice from a professional.
Are you an organisation interested in receiving community-funded solar technology for your premises?
In the future, Council may collaborate with other organisations to deliver other community-funded renewable energy projects in the City.
We are taking Expressions of Interest from organisations interested in receiving community-funded solar power system.