Another successful project milestone!
On the 13th October Lismore City Council approved the borrowing of $360,000 in total from Farming the Sun – Lismore Community Solar!
These loans ($180,000 each) are the central legal agreement between Lismore City Council and each of the Community Solar companies. Each loan will fund a 100kW solar farm ~ one at each of Goonellabah Sports & Aquatic Centre and the Wyrallabah Sewage Treatment Plant. Any surplus funds ~ noting that the actual cost for each solar farms will be determined by an open public tender ~ are to be applied projects identified in the Lismore City Council Renewable Energy Master Plan (REMP).
We would like acknowledge the significant ‘behind the scenes’ support and work by Farming the Sun project collaborators ~ particularly Lismore City Council, Embark Australia and Norton Rose Fulbright ~ in putting these mutually beneficial loan agreements together.
Finalising negotiations on the loan terms, particularly the interest rate and repayment schedule, took longer than anticipated to finalise. It had become evident that the interest rate needed to be lowered to be competitive with the soft economic conditions and market. The Farming the Sun team are now updating and finalising the Offer Document for interested investors.
Please sign the ‘pledge’ if you are interested to find out more when the offer becomes available. Over 106 people have signed to express their interest.