MORE than £2m of public money is being invested into a renewable energy company despite Oxford City Council’s finance boss admitting it might not get all the money back.
It is loaning £2.3m to community-based social enterprise Low Carbon Hub , which is issuing shares later this year.
But the council’s head of finance, Nigel Kennedy, said the “main risks” were the share issue might not take off and the council might not receive its total investment back.
Mr Kennedy yesterday told the council's executive the loan was “short term” and would generate about £34,000 in interest. Although that represents a simple return of 1.5 per cent, he argued the annualised rate of return was 5 per cent.
He told the Oxford Mail the hub start drawing down the funds this month at staggered intervals over six months. The £2.3m is to be repaid at the end of the six months.
Although the projects – installing solar panels for schools and businesses around Oxfordshire – will start in June, the share issue is not expected to be held until September or October, he said.
8:30am Tuesday 7th July 2015
MESSAGES of support for Sister Frances Dominica have poured in after the East Oxford nun was told not to return to the hospices she founded following historic allegations of sexual abuse.
6:58pm Tuesday 7th July 2015
TWO people were taken to hospital after a chemical spillage at Oxford Science Park today.
6:00pm Tuesday 7th July 2015
TWO women were sexually assaulted on a Number 5 bus from Oxford City centre to Blackbird Leys, police said.
4:42pm Tuesday 7th July 2015
THAMES Valley Police has been told by the Information Commissioner it was wrong to keep secret whether or not it had spied on journalists using anti-terrorism powers.
2:33pm Tuesday 7th July 2015
Thames Valley Police gave the wrong date when it said it had investigated a complaint that Sister Frances Dominica had sexually abused two women.
2:26pm Tuesday 7th July 2015
images of two men police want to talk to in connection with shoplifting in Banbury in May has been released.