Brighton Energy Co-op Annual General Meeting 26 th Oct 2012.

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Presentation transcript:

Brighton Energy Co-op Annual General Meeting 26 th Oct 2012

Jan Pioneer share offer: raised 18k from 7 locals Sept – Nov Develop Main share offer - share offer cancelled! January – March LEAF – 50 Energy efficiency surveys May – July Launch main share offer & install 134kwp solar

Filed Accounts for Year Ending 31 March 2012 Current position Assets: £44k - capitalised start up costs for solar installation. Profit & Loss: minus £25k. However, the directors gave back £ 35k of shares so... Retained profit at end of year was £10,797 (value in the business)

Electing Directors Current: Damian Tow - Company Secretary Will Cottrell – Chairman Ross Gilbert Resigning Directors: All of the above; all have come forward for re-election & no alternative nominations have come forward Confirm re-election of above directors?

New Projects 89kwp at Shoreham Port 35kwp at City Coast Church 10kwp at St George's Church Equity raised: - 160k - 4% of equity payable back each year - 4% dividend starting year 3 Debt: - 50k - 4% interest - 20% capital payback over 5 years 920 month

BEC operations Income: - FIT (linked to RPI) - Electricity revenue - selling surplus to grid Outoings: - Operation & maintenance - ongoing project development - dividends - withdrawable shares

Investor benefits Financial: - expect to deliver 4% return to members, starting year 3 - EIS tax relief: 30% (shares held for 3 years, min £500)

Overview Total BEC output (mid September) Hove Enterprise Centre 28267kwh St George's Church 2191kwh City Coast Church 11271kwh Broadly our systems have earned around £7k as of mid Sept

New Projects Current cash position from PV projects allows 25k for future for project development, notably: Developing Anaerobic Digestor feasibility Investigating new opportunities for solar PV: Shoreham, Council Pilot small wind turbine in planning Discussion with EON about community involvement with Rampion We are on track to pay a return to investors in the third year.