Komo Energy is seeking expressions of interest from potential investors to fund the construction of its $4 million Grong Grong Solar Farm, to be located an hour west of Wagga Wagga, NSW.
Komo Energy says it’s the first time everyday Australians have been able to invest a solar farm using crowdfunding.
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Komo Energy co-founder Jonathan Prendergast said the investment model provides direct ownership to the community and the response to the capital raise offering has “already been incredible”.
“A reason we are testing crowd equity and retail investment in a solar farm is that large-scale solar and wind is very complex,” he said.
“This crowd equity model hopes to show that everyday Australians are keen to support investment in new renewable energy, adding an additional model of finance to continue momentum in the transition to renewables and emissions reductions.”
Grong Grong Solar Farm is being developed on a four-hectare site on pastural land owned by Gemma Purcell.
Grong Grong Solar Farm has now taken form as a 1.7MW (DC) battery-ready solar project using single-axis tracking, and will be able to power more than 700 households once operational.
Komo Energy intends to sell the clean energy generated on site to the NSW wholesale energy market and produce and sell Renewable Energy Certificates (LGCs) to the commercial market.
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Grong Grong Solar Farm will also host Haystacks Solar Garden—the first large-scale solar garden in Australia.
The capital raise will be open for investment on June 14, 2022.