Council solar farm generates a £372K profit
The solar farm owned by Forest Heath Council is more than £42,000 above its profit target after two years.
The district council invested nearly £14.5 million to acquire the 12.4MW solar farm at Toggam Farm in Lakenheath in 2016.
Figures for the 12 months to the end of July show it generated 12,258MWh compared to the estimated 11,649.
Selling it to National Grid has helped create £1.3 million of income.
After taking into account the operating costs and recouping some of the capital used to buy the solar farm, it has generated £372,300 towards funding council services, compared to a predicted £330,000.
Stephen Edwards, Cabinet member for resources and performance, said:"It has taken capital, which can't be used to simply prop up the costs of our day to day services as eventually it would run dry, and has created a decent level of annual income.
"By year 10 it will reach approximately £700,000, a net return of around five per cent, after running costs and the repayment of our capital investment.
"That money in turn will help toward funding the everyday public services. "