Crowdfunding plea for community batteries

MYRTLEFORD, Bright and Mount Beauty communities could all benefit from a community battery crowdfunding campaign. Indigo Power is launching a $750,000 community equity crowdfunding campaign that aims to establish 10 new community batteries. It will leverage the raised funds to unlock a total of $5.8 million in energy infrastructure. Indigo Power has already secured a $4.2 million grant from the Australian Renewable Energy Agency (ARENA). Combined with an $800,000 loan from Bank WAW currently in final negotiations, the community investment is forecast to grow. "This is a high-impact investment," Indigo Power managing director Ben McGowan. "Every dollar invested in this raise will be multiplied more than six times, thanks to a $4.2 million grant secured from ARENA and an $800,000 loan from Bank WAW, which is currently in final negotiations." The network will provide up to 5.8 megawatt hours of storage. This will bring Indigo Power’s total community battery capacity to over seven megawatt hours. These batteries will be located at emergency relief centres and other important community sites. This is to ensure long-lasting backup power and to distribute renewable energy to Indigo Power’s local electricity customers each evening. "This raise builds on projects we’ve already delivered in places like Yackandandah and Yarra Junction, and will take our fleet of community batteries to more than seven megawatt-hours of storage," McGowan said. "That’s almost enough to offset the net energy consumption of all our customers over the entire 2024 calendar year." The project's commencement hinges on Indigo Power securing the full $1.5 million co-contribution. It also hinges on finalising agreements with the chosen community battery host sites. Target communities across regional Victoria and southern New South Wales include Beechworth, Myrtleford, Mount Beauty, Bright, Seymour, Wangaratta, Tumbarumba and Warburton. The initiative will provide evening renewable energy supply for Indigo Power’s customers. It will also provide long-duration backup power for essential community services. For further information or to invest, visit https://www.birchal.com/company/indigopower. An investor webinar is scheduled for today - Wednesday, 1 May. Registrations can be made at https://us02web.zoom.us/webinar/register/4917440205578/WN_8W4vA3b7TvGPYOZ

Crowdfunding plea for community batteries

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