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Nottinghamshire Community Energy Newsletter

Dear <<First Name>>,

We've been very busy over the last few months and we want to give you an update on what is happening at Nottinghamshire Community Energy.

Site Acquisition
We are excited to announce that the Society will actually acquire the Langar Lane solar farm before the end of the month and potentially as early as this week!  This has been a really complex process that took much longer than anticipated.  It not only involved buying the site from the project developer OPDE, but also securing investment from Triodos Bank, Nottinghamshire Pension Fund and Nottingham Energy Partnership and coordinating with the investment fund that is buying the commercial  solar park next door with which our project shares a grid connection.
It has been very hard work and we want to thank all of our partners including Mongoose Energy who have managed the transaction for us and our members who have invested as well as the above organisations. Our goal is to ensure that the time and money that everybody has invested will help to create solid financial returns for all investors as well as new funding that is sorely needed to address issues such as fuel poverty.

Project Performance
The Langar Lane project was connected to the grid in the beginning of June 2016. Power output since June has been broadly as per expectations, with the project’s performance varying in line with how sunny it has been. June was a bit disappointing but August made up for some of this as it was very sunny. The impact of these monthly variations will be ironed out over time. You can view a full graph of the site's performance over the past few months here

Ofgem Accreditation
We have had confirmation from Ofgem that the project has been accredited to receive the Feed-in Tariff from 22nd June 2016 for the next 20 years. Ofgem’s delays in granting the accreditation, however, mean that we are not expecting any income to be received until February 2017. This is inconvenient for cash flow but does not have an impact on the viability of the solar farm.

AGM
Our financial Year End is the end of September and we are thus required to hold our first AGM before the end of March 2017. At the AGM we will discuss and vote on the level of interest shareholders will be receiving and the date of payment. We will also discuss the contribution to the community fund and other issues such as the appointment of auditors. We will be in contact in the coming months to inform you of the date and location of that AGM.

EIS
In order to apply for issuance of EIS Certificates, Nottinghamshire Community Energy needs to have been trading for four months.  Unfortunately, the delay in acquiring the Langar Lane project means that the application to issue the certificates cannot be made to HMRC until March 2017 at the earliest. Any investor who is required to submit a 2015-16 Tax Return should therefore do this without referring to the EIS relief claim. In due course, if the EIS application is successful, HMRC will authorise us to issue EIS certificates to all shareholders who qualify. Those certificates include a tear-off claim form so that taxpayers can make a claim for a tax refund on the basis of tax paid in the year of the investment, 2015-16.

Future Plans
Now that the Langar Lane project is close to being acquired, the Board of Nottinghamshire Community Energy will have time to consider future plans, including developing and funding new projects so that the Society can grow and start to deploy community funds for local good causes. If you have any ideas about how the Society should be growing, please share them with us at info@nce.coop, we'll be very happy to hear from you.

If you have any questions or comments please don't hesitate to contact us.
Best regards,

Philip Angus (Chairman) & The Nottinghamshire Community Energy Team
Copyright © 2016 Nottinghamshire Community Energy, All rights reserved.


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