brighton energy co-op annual general meeting 26 th oct 2012

Brighton Energy Co-op

Annual General Meeting 26th Oct 2012

Jan 2011 - Pioneer share offer: raised 18k from 7 locals

Sept – Nov 2011 - Develop Main share offer - share offer cancelled!

January – March 2012 - LEAF – 50 Energy efficiency surveys

May – July 2012 - 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 SecretaryWill Cottrell – ChairmanRoss 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 Port35kwp at City Coast Church10kwp 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.