What does the company do?
BNRG Gorse is part of the BNRG Renewables group, an established solar PV developer with an extensive portfolio of projects completed across the UK, Europe, the US and Australia.
BNRG Gorse owns and manages two 249kWp solar PV installations situated at Woodchurch Farm and Turner’s Bank in Kent. These sites, which were completed in 2014, generate green energy from ground mounted solar panels which goes into the UK grid and helps power our homes and businesses. Both systems are accredited for the Feed-in Tariff scheme, which pays a fixed amount (rising annually with inflation) for each unit of electricity generated, plus an additional amount for the electricity exported to the grid. The company can choose to opt out of the export Feed-in tariff and instead agree a contract with an energy supplier when wholesale electricity prices are higher.
Why did the company raise money?
This was the BNRG group’s second investment on Abundance. The money raised by this offer in 2014 refinanced the investment the group had made to fund the development and construction of the two Kent solar systems at Woodchurch Farm and Turners Bank.
How does the company expect to repay the investment?
BNRG Gorse expects to repay investors from the operational revenues it earns over the life of the investment from the two solar sites.
How is the company making an impact?
BNRG Gorse is helping to increase the amount of renewable energy used in the UK’s electricity grid as we transition to a 100% low carbon energy future.
Key terms
Investment returns are paid every 6 months over 20 years, except the first and last period which are 3 months each.
Each payment includes a fixed equal repayment of capital and a variable payment of interest which is linked to the rate of inflation (RPI) as at the end of December for the year preceding the start of the return period. The interest amount in a particular year is equal to the rate of inflation, compounded each year, plus 1%, which is also compounded each year. If there was a period of deflation (negative inflation), investors would still receive a minimum of 1% and the capital repayment.
Each year, the amount due to investors in terms of interest and capital repayment is split between the two semi-annual payments 70%/30% for the December and June payments respectively. This is due to the increased irradiation (sunlight) over the summer months which means the company has higher revenues over that period.
The company can only make an early repayment of the investment in certain circumstances, such as a change of control of the company (for example, if some or all of the company was sold to a new owner) or a regulatory/tax requirement.
See the Debenture Deed for details of all circumstances in which the option for early repayment may be exercised.Documents
Payment schedule
This table gives a breakdown of what has been paid back to date on this investment, based on an example investment of £1,000. The return on this investment is linked to the rate of inflation in the previous year.
| Payment date | Capital repayment | Interest | Total |
|---|---|---|---|
| 9 December 2014 | £35.00 | £7.00 | £42.00 |
| 9 June 2015 | £15.00 | £3.00 | £18.00 |
| 9 December 2015 | £35.00 | £18.31 | £53.31 |
| 9 June 2016 | £15.00 | £7.84 | £22.84 |
| 9 December 2016 | £35.00 | £15.73 | £50.73 |
| 9 June 2017 | £15.00 | £6.74 | £21.74 |
| 8 December 2017 | £35.00 | £25.37 | £60.37 |
| 8 June 2018 | £15.00 | £10.87 | £25.87 |
| 7 December 2018 | £35.00 | £37.92 | £72.92 |
| 7 June 2019 | £15.00 | £16.25 | £31.25 |
| 9 December 2019 | £35.00 | £28.62 | £63.62 |
| 9 June 2020 | £15.00 | £12.26 | £27.26 |
| 9 December 2020 | £35.00 | £25.41 | £60.41 |
| 9 June 2021 | £15.00 | £10.89 | £25.89 |
| 9 December 2021 | £35.00 | £17.83 | £52.83 |
| 9 June 2022 | £15.00 | £7.64 | £22.64 |
| 9 December 2022 | £35.00 | £69.94 | £104.94 |
| 9 June 2023 | £15.00 | £29.97 | £44.97 |
| 8 December 2023 | £35.00 | £127.45 | £162.45 |
| 7 June 2024 | £15.00 | £54.62 | £69.62 |
| 9 December 2024 | £35.00 | Variable | Variable |
| 9 June 2025 | £15.00 | Variable | Variable |
| 9 December 2025 | £35.00 | Variable | Variable |
| 9 June 2026 | £15.00 | Variable | Variable |
| 9 December 2026 | £35.00 | Variable | Variable |
| 9 June 2027 | £15.00 | Variable | Variable |
| 9 December 2027 | £35.00 | Variable | Variable |
| 9 June 2028 | £15.00 | Variable | Variable |
| 8 December 2028 | £35.00 | Variable | Variable |
| 8 June 2029 | £15.00 | Variable | Variable |
| 7 December 2029 | £35.00 | Variable | Variable |
| 7 June 2030 | £15.00 | Variable | Variable |
| 9 December 2030 | £35.00 | Variable | Variable |
| 9 June 2031 | £15.00 | Variable | Variable |
| 9 December 2031 | £35.00 | Variable | Variable |
| 9 June 2032 | £15.00 | Variable | Variable |
| 9 December 2032 | £35.00 | Variable | Variable |
| 9 June 2033 | £15.00 | Variable | Variable |
| 9 December 2033 | £35.00 | Variable | Variable |
| 9 June 2034 | £15.00 | Variable | Variable |