Beer makers Young Henry’s will greatly expand their solar capacity, with help from grass-roots solar experts Pingala, by installing panels on the roof of their warehouse adjacent the famous Newtown brewery.
The company said they received overwhelming community support for the project, which is the second such initiative undertaken by Young Henry’s and Pingala.
In 2016, the two teamed up to install a 30kW solar system on the Young Henry’s brewery after raising $17,500 in nine minutes from loyal beer drinkers and community members, which covered roughly a third of the operation’s total consumption.
This time they received 98 responses in just three hours from those ready to support a new 39.6kW solar installation. Young Henry’s will pay for the power generated for a fixed term offering the investors a yearly return.
The Pingala Cooperative will re-invest some of it’s capital into this new project, alongside the 40 new investors selected from the Young Henry’s community, who will receive an estimated return of between 5-8 per cent on their investment annually.
April Crawford-Smith, co-founder of Pingala said, “this oversubscription is a constant reminder that people are so keen for these types of projects, putting their money where their heart is and supporting community beverage sites they truly love”.
Installation will be undertaken by SolarGain and is scheduled for the next 5-8 weeks. Upon completion the brewery will host a special celebration to be largely powered by the sun.