Rossendale Valley Energy (RVE), has launched the Rossendale Valley Energy Solar share offer and hopes to raise £350,000 to install a rooftop solar photovoltaic (PV) array at the Interfloor factory in Haslingden.

Investors can purchase shares from as little as £100, up to a maximum of £35,000, with a target annual interest rate of six per cent.

The project is the result of a 25-year agreement between Interfloor and RVE, with a 20-year repayment plan for share capital. 

The 882-panel solar array is set to generate an estimated 360MWh of clean energy annually, with around 85 per cent of the electricity used on-site by Interfloor, costing them less than their normal energy costs.

Chair of Rossendale Valley Energy, Kate Gilmartin, said: “As a Community Benefit Society, we are committed to delivering sustainable energy solutions while reinvesting in our local community. 

“This project is a fantastic opportunity for individuals and businesses to take part in the green energy transition, all while receiving a fair return on their investment.

“This is the first of many opportunities to buy into a non-profit solar scheme which will benefit the community.”

The community share offer opened this week and will remain open until July 31 or until the target is met.

Interfloor’s managing director, Gary McEwan, said: “Partnering with RVE on this solar project aligns perfectly with our sustainability goals. 

“It’s a great opportunity to not only reduce our energy costs but also make a positive contribution to the environment and the local community. We’re proud to be part of such an impactful initiative.” 

In addition to generating renewable energy, the project is expected to contribute a minimum of £2,000 annually to support RVE’s wider initiatives, including community energy advice and low-carbon heating solutions.

For more information visit Rossendale Valley Energy’s website.