The Edinburgh Community Solar Co-operative has already raised around £350,000 through a share offer.
The co-operative – launched in September – aims to raise £1.4 million to install solar panels on 25 public buildings across the capital.
If fully subscribed, the scheme will offer an index-linked 5% return to investors. The project qualifies for the UK Government’s Enterprise Investment Scheme – delivering a potential return of around 7%, depending on individual investor tax-circumstances.
However this investment incentive is set to close. The Finance Bill currently being considered in the UK Parliament proposes to close the scheme to new applicants after 30 November 2015.
Anne Schiffer, community energy campaigner at Friends of the Earth Scotland said: “We’re delighted that the Solar Co-op aims to to bring renewable energy and associated benefits to the citizens of Edinburgh.
“Community energy projects are a vital part of the energy transformation we need; as well as reducing carbon emissions, they give communities a stake in the energy system and a chance to share benefits locally. Projects like the Edinburgh Community Solar Co-op are the signs of a brighter future.”