brighton energy co-op annual general meeting 26 th oct 2012
DESCRIPTION
Brighton Energy Co-op Annual General Meeting 26 th 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 - PowerPoint PPT PresentationTRANSCRIPT
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.