Many communities in the UK face persistent and entrenched social issues. Especially now, while facing a decline in public spending, these issues have been exacerbated, leading to a decline in community cohesion and engagement, weakened socio-economic outcomes, as well as a general lack of empowerment to affect change.
Our investment benefits community organisations in the bottom 50% most deprived areas of the country who wish to use the profit from renewable energy projects to deliver significant local impact. The facility helps these groups pay for the installation of renewable energy assets, which deliver consistent income over 20-25 years. The financial surpluses generated by these projects are invested back into the community through community-led initiatives.
Pure Leapfrog regularly reports on the amount and usage of renewable energy project profit being used to deliver community benefit. They also report on the carbon savings attributable to the renewable energy assets themselves. Big Society Capital is motivated to ensure our money is having a positive impact on the capacity of community organisations to provide inclusive, accessible and affordable facilities and services and use surplus funds to address local needs.
We made this facility available to Pure Leapfrog so they can provide small, low interest loans to community organisations in areas of high deprivation to pay for renewable energy equipment and energy efficiency measures. Charities, community energy cooperatives and other not-for-profit or community interest organisations which with having deliver a local, social impact can apply for the funds.
This facility, alongside private sector grant funding, is supporting an innovative scheme that helps charities and social enterprises in areas of high deprivation increase their financial strength and resilience.
- Big Society Capital investment of £1.5 million; Revolving credit facility
- Co-investors: none
- Arranger/Manager: Pure Leapfrog