Enova Energy, which aims to be the country’s first regionally owned and fully green electricity retailer has been awarded a licence to operate in the northern rivers by the federal government.
But the company is still short almost half of the capital needed to meet the government’s investment requirements.
The company’s management team says it is about halfway to the $3 million mark the government requires and now that the hurdle of approval is out of the way it’s confident it can make the leap to full funding.
The company is also looking forward to working closely with Mullumbimby-based community power generator COREM, which offers interest-free solar arrays to community organisations and small businesses in the town.
COREM had its launch at Mullumbimby Civic Centre on the weekend.
Meanwhile Enova CEO Steve Harris is encouraging locals to get on the bandwagon and become shareholders in the unique energy retailer, saying shareholders would ‘reap benefit from high feed-in tariffs, market leading renewable energy GreenPower products and supporting local renewable energy generation. ‘
‘We will make it simple to switch from your current energy retailer and we will look after our customers by giving them unbiased advised on the best solutions for their energy needs, whether that is the best energy plan, installing solar or going completely off the grid,’ Mr Harris said.
And at a time when Essential Energy is throwing north-coast employees out of jobs, Enova is looking to take experienced people on.
‘Over $300m a year is spent on electricity in the northern rivers region,’ Mr Harris said.
‘By buying locally we can return as much as $80 million a year to the region through profits and operating costs. And we will be earmarking funds to help lower income groups to enter the energy supply cycle. Enova will generate big economic, social and environmental benefits.’
Enova chair, Alison Crook, said the only hurdle still standing in the way was the need to meet the regulator’s $3 million capital requirement.
‘We’re well advanced, closing in on $1.5 million, but more people who share our vision need to step up and become shareholders,’ Ms Crook said.
Shares are $1000 each. 27 November is the deadline to apply. Download a prospectus and apply for shares at www.enovaenergy.com.au
Meanwhile Mullum’s 100-year-old Drill Hall Theatre is one step closer to getting solar power, thanks to the generous donations that totalled over $4,000 from the community who attended the COREM event on Sunday.
COREM stands for Community Owned Renewable Energy Mullumbimby, and is a ‘not-for-profit community action group’ aiming to move Mullum into a renewable future. Apart from performers, food and artistry, there was a big picture panel, who explained what is happening globally with renewable energy and in particular, community-owned projects. A post-launch public meeting will be held from 6.30pm to 8.30pm, Thursday October 29 at Mullum Ex-Services Club. For more visit www.corem.org.au.