We’re delighted to announce that we have secured a £3 million loan from Triodos Bank UK, one of the world’s leading ethical banks, to help us grow our network of solar-powered schools around the country.
The new senior debt from Triodos Bank, combined with our existing and growing crowdfunding bond finance, will help us reach around 30 more schools, including those in some of the most disadvantaged areas of the UK.
To deliver the projects, we’ve partnered with Solar Options for Schools, to develop and manage the solar installations for us.
Above: Year 3 pupils at Churchfields Junior School, East London, during a visit from Triodos to launch the partnership.
Our partnership with Triodos was marked during a workshop at Churchfields Junior School in East London last week. Ellie James and Dinkar Suri from Triodos Bank, together with four Solar Options for School employees, met 30 students from 7 to 11 years. The group – all members of the school’s Eco Committee - experimented with our ‘Solar Explorer Kit’ and showcased other measures that the school is taking to reduce its carbon footprint.
For every project we fund, we deliver interactive education - in partnership with Solar Options for Schools - for primary and secondary students to learn more about renewable energy, climate change, green skills and sustainability; all linked to STEM subjects.
“With solar panels hidden on the roof, pupils could easily come to school without noticing them. The education work helps to deliver a lasting legacy in the school and community. These pupils will go on to be ambassadors for sustainability, educating their friends and families and leading to further improvements in the school” said James Easter, deputy head at Churchfields Junior School.
ABOVE: Eco Committee members from Churchfields Junior School, with Wendy Litherland, Solar for Schools Head of Education, experiment with the Solar Explorer Kit to understand how the panels provide energy for their school.
So far, most of our funds have been raised from ethical bond holders via Ethex and direct. We hope that this ground-breaking partnership with Triodos Bank unlocks further potential, validating the robustness of the model, and encourages more funders of all sizes to join the mission.
“There are nearly 25,000 schools in the UK alone, requiring about £2b to install solar on all sensible roofs", explains Robert Schrimpff, Co-founder of Solar Options for Schools and voluntary director of the CBS. "Individually, these schools are too small to attract low-cost project finance. However, creating a funding structure that addresses the needs and limitations of each school, the councils and the Department for Education, while meeting the strict requirements of institutional lenders is therefore key to unlocking solar across the educational estate. Getting Triodos onboard is a vital milestone in proving that we have created such a structure. It will enable more funders to support schools with confidence. We can now focus on replicating this structure for church-owned schools, larger councils and other community energy groups to enable thousands more schools to go solar.”
Amandine Tetot, Head of Energy and Project Finance at Triodos Bank UK adds; “We’re pleased to support an incredible organisation that is not only focused on generating more clean energy, but is doing it in way that educates the next generation about the environment, energy, electricity and photovoltaics through really engaging and hands-on tools. This aligns with our mission as a bank to support projects and organisations that have the power to make a meaningful difference to the environment and peoples’ lives. We hope to be able to do a lot more lending like this in future.”
Triodos Bank has been lending to renewable energy projects in the UK for nearly 30 years and has lent £85 million to over 30 community energy projects.
Want to get involved? Go to www.solarforschoolscbs.org.uk/triodos
ABOVE: A year 4 student from Churchfields Junior School takes part in a quiz around energy consumption
ABOVE: Dinkar Suri and Ellie James from Triodos Bank UK hand out Solar Ambassador certificates to the Eco Committee at Churchfields Junior School
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