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.
8:55am Saturday 4th July 2015
HELEN and Douglas House founder Sister Frances Dominica has been told not to return to the hospices following allegations of historic sexual abuse, it was confirmed today.
8:30am Saturday 4th July 2015
THERE are fears the £75m overhaul of Oxford Railway station may not take place for almost a decade.
8:31am Saturday 4th July 2015
TWO men died last night after the microlight they were flying in crashed at Enstone airfield.
11:23am Saturday 4th July 2015
TODAY Oxford is celebrating the 150th anniversary of Lewis Carroll's classic story, Alice in Wonderland.
9:30am Saturday 4th July 2015
Darryl Eales says the only big regret of his first year in charge at Oxford United was the takeover was not completed sooner.
9:15am Saturday 4th July 2015
A MAN has been charged with a conspiracy to kidnap and rob in Oxford, Thames Valley Police has said.