A GOVERNMENT minister has pledged to be among the first people to invest in the Westmill Solar Co-operative.

Ed Vaizey, the Minister For Culture, Communications And The Creative Industries, officially launched the share offer at the solar farm at the end of last month.

The offer will allow people to buy a stake in what could soon be the largest community-owned solar power station in the world.

The launch in Watchfield was attended by many residents and dignatories.

The scheme is open until the end of July with investments accepted from £250 to £20,000.

It is hoped the share offer will raise £4m equity and a bond will also be secured to raise the balance to repay the £15m cost of construction.

Mr Vaizey said: “I am sure I will be one of the first investors, to secure my children’s future, both financially and ethically.

“This site is a physical manifestation of what we have which can change the planet for the better.”

The solar farm was constructed last year and houses more than 21,000 polycrystalline solar panels producing 4.8GWh a year – enough to meet the average annual electricity requirement of 1,400 homes.

Although the site was constructed by seed investor Blue Energy, the aim was always to turn it into a cooperative similar to the Westmill Wind Farm Cooperative which has five wind turbines on the same site.

For the first time, Westmill Solar Cooperative’s directors can reveal they expect investors will get an annual average return on investment of 11 per cent a year for the 24 year period.

Resident Lizzie Philpott said: “It is an amazingly positive experience. It makes me feel very hopeful for the future.”

Part of the solar farm’s income will come from the Government’s feed-in tariff which is index-linked and therefore rises in line with inflation. As the site was generating clean energy last year, the project benefits from the highest possible tariff. For more information visit www.westmillsolar.coop.