The developers of the 1.7MW Grong Grong solar farm in the NSW Riverina region said this week that the project was on track to proceed to construction after raising more than $670,000 in a week – $250,000 of this in just 80 minutes – from local investors.
To help achieve the maximum target for the project, $750,000, the team behind the project, including directors Jonathan Prendergast and Gerald Arends, are opening the community model to investors all over Australia, using a crowd equity finance model.
The crowd funding scheme, which is being coordinated by Birchal Financial Services here, offers investors fully-paid ordinary shares at $1.00 per share at a minimum individual investment of $250 (maximum $10,000 for retail investors).
The Grong Grong solar farm is planned for construction on 4 hectares of private farmland in the Riverina and has been designed “battery ready,” according to the webiste.
The project team has locked in a land licence with Development Approval from the Narrandera Shire, completed grid studies and secured a $1.3 million grant from the NSW government.