Local renewable energy retailer in search of local investors

ENOVA Community Energy is looking for local investors as part of its plan to become Australia's first community owned energy retail and installation business.

The Northern Rivers based company has released a prospectus and is holding meetings across the region to explain its business model to the people they want to become customers and owners of the business.

Enova is looking to raise between $3 million and $4 million in total, by issuing shares worth $1000 each.

More than half of Enova's shareholders need to be Northern Rivers locals, chairwoman Allison Crook said.

"We want the local community to have control over their local power supply," she said.

Local ownership will also keep plenty of money in the economy, she said.

Ms Crook said about $80 million a year left the region when people paid their power bills, but a locally owned and operated company could help change that.

The company will specialise in supplying and installing solar energy, and will also be focused on helping to grow small to medium-sized renewable energy generators.

The share offer has been open for a week and is due to close on September 25.

There has been strong community interest and enthusiasm at meetings, but Ms Crook said it was too early to judge the reaction to the prospectus.

More community meetings are scheduled: Tweed Heads Civic Centre (tomorrow, 5.30pm), Birth and Beyond Rooms, Nimbin (September 9, 6.30pm) and the Federal Church (Sept 14, 7.30pm).

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Would you like to see more companies look for local ownership of projects in their area? Would this model work elsewhere? Let us know your thoughts in the comments below. 

Topics:  business lismore shares

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