thumbnail of DistGen Rogershill

DistGen Rogershill

Return 8.2%-9.4% IRR (variable)
Term 18 years
Total Invested £860k
478  investors
Maturity date 30 Sep 2032
thumbnail of DistGen Rogershill

What does the company do?

The Distributed Generation (DistGen) group, set up in 2005, owns and operates renewable wind energy projects in the UK. DistGen Rogershill was the second wind turbine project developed by the DistGen group and began generating renewable electricity in 2012.

The wind turbine used for the DistGen Rogershill project underwent a complete refurbishment after having spent 17 years in the Sweden, before being installed at its new home near Bere Regis, Dorset in 2012. The wind turbine, a refurbished 500kW turbine, generates renewable electricity fed into the UK grid. The wind turbine is 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.

The electricity produced pays investors a return while a portion of gross revenues go to the parish of Bere Regis. In the case of DistGen Rogershill, the aim is to donate 3% of annual revenues to the local community. In the past this has been used to support a number of schemes including a skate park, a NeighbourCar taxi service, and pathways to make the surrounding countryside more accessible.

Why did the company raise money?

This was DistGen’s first offer on Abundance. The money raised refinanced the original installation costs of the Rogershill wind project.

How does the company expect to repay the investment?

DistGen Rogershill expects to repay investors from revenues it earns over the life of the investment from the generation and sale of electricity from its wind turbine.

How is the company making an impact?

DistGen Rogershill 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.

DistGen has created a scalable group of companies to localise and democratise energy provision. Alongside generating renewable energy, DistGen is also committed to delivering further benefits to communities by supporting social, welfare, cultural and/or sporting facilities, and where possible they offer a direct community contribution to encourage and sustain such local initiatives.

Vestas V39 500kW wind turbine located near Bere Regis, Dorset
Vestas V39 500kW wind turbine located near Bere Regis, Dorset

Key terms

Issuer DistGen Rogershill
Return 8.2% - 9.4% IRR (variable, based on performance)
Term period 18 years
Start date 1 October 2014
Maturity date 30 September 2032
Capital repayment Regular instalments
Amount raised £860,000.00
Return structure

Investment returns are paid every 6 months over the life of the investment.

The amount returned to investors in each period is linked to the performance of the company in the preceding 6 month period. In each period, the return paid goes first towards repaying an equal instalment of the original capital invested, and anything above that amount in each period will be paid as investment income.

Secured or unsecured Unsecured
Early repayment options

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.

Documents

Debenture Deed
Download PDF The debenture deed sets out the legal agreement and terms for this investment.

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 performance of the project during each return period.

Payment schedule table
Payment date Capital repayment Dividend Total
9 June 2015 £27.78 £47.59 £75.37
9 December 2015 £27.78 £14.82 £42.60
9 June 2016 £27.78 £68.66 £96.44
9 December 2016 £27.78 £2.44 £30.22
9 June 2017 £27.78 £21.36 £49.14
8 December 2017 £27.78 £5.90 £33.68
8 June 2018 £27.78 £47.31 £75.09
7 December 2018 £27.78 £0.30 £28.08
7 June 2019 £27.78 £27.60 £55.38
9 December 2019 £27.78 £3.35 £31.13
9 June 2020 £27.78 £45.36 £73.14
9 December 2020 £27.78 £6.71 £34.49
9 June 2021 £27.78 £41.71 £69.49
9 December 2021 £27.78 £0.01 £27.79
9 June 2022 £27.78 £25.75 £53.53
9 December 2022 £27.78 £0.60 £28.38
9 June 2023 £27.78 £44.28 £72.06
8 December 2023 £27.78 £43.49 £71.27
7 June 2024 Variable Variable Variable
9 December 2024 Variable Variable Variable
9 June 2025 Variable Variable Variable
9 December 2025 Variable Variable Variable
9 June 2026 Variable Variable Variable
9 December 2026 Variable Variable Variable
9 June 2027 Variable Variable Variable
9 December 2027 Variable Variable Variable
9 June 2028 Variable Variable Variable
8 December 2028 Variable Variable Variable
8 June 2029 Variable Variable Variable
7 December 2029 Variable Variable Variable
7 June 2030 Variable Variable Variable
9 December 2030 Variable Variable Variable
9 June 2031 Variable Variable Variable
9 December 2031 Variable Variable Variable
9 June 2032 Variable Variable Variable
9 December 2032 Variable Variable Variable

Updates

These updates tell the story of the investment over its life and include information reported to investors by the company or council behind the investment. The updates are provided for informational purposes only and do not constitute an inducement or invitation to invest. Information provided at the time of publishing may no longer be accurate.

An investment return from DistGen Rogershill was paid today.

Electricity generated 92.6%
Cash Return* 169.7%

For the 6 month period ending 30th September 2023 DistGen is very pleased to report the overall availability of the Rogershill wind turbine was 99.5%. Routine service and maintenance operations were conducted without any issues.

The average wind speed for the period was 4.5m/s resulting in total generation of 294,927 kWh.

Electricity generated 103.3%
Cash Return* 112.0%

For the 6 month period ending 31st March 2023 we are once again very pleased with the overall availability of the Rogershill wind turbine which stood at 98.4%. At just over ten years from installation we commissioned specialist asset integrity engineers to undertake a thorough inspection of the turbine including tower, nacelle and drivetrain. This inspection reported the turbine is still in very good condition and recommended some minor remedial maintenance which has been scheduled into the summer program of works.

The average wind speed for the period was 5.5m/s resulting in total generation of 503,831 kWh.

An investment return from DistGen Rogershill was paid today.

Electricity generated 71.7%
Cash Return* 69.6%

For the 6 month period ending 30 September 2022 we are once again very pleased with the overall availability of the Rogershill wind turbine which stood at 98.6%. There were no significant issues with just routine scheduled servicing and maintenance visits which included the installation of a modern Condition Monitoring System on the wind turbine drive train which uploads data in real-time for analysis by vibration experts should something unexpected get flagged.

The average wind speed for the period was a disappointing 4.1m/s resulting in total generation of 228,332 kWh.

An investment return from DistGen Rogershill was paid today.

An investment return from DistGen Rogershill was paid today.

Electricity generated 83.1%
Cash Return* 85.7%

For the 6 month period ending 31 March 2022 we are once again very pleased with the overall availability of the Rogershill wind turbine which stood at 98.8%. For the period a total of 426,972 kWh was produced.

The average wind speed for the period was 5.2 m/s. No damage was sustained during winter storms (Arwen and Eustice) and the turbine was paused during the most severe hours of each.

Maintenance and service activities have now returned to pre-pandemic norms following the lifting of all COVID restrictions.

An investment return from DistGen Rogershill was paid today.

Electricity generated 84.2%
Cash Return* 70.2%

For the period April to September 2021 the turbine at Rogershill has continued to perform very well achieving an overall availability of 97.9% with no major breakdowns. As the COVID19 situation has improved, service and maintenance activities have returned to normal albeit lead times for spare parts are still generally longer (in some cases much longer) especially when ordering from Europe.

Electricity generation of approximately 265.4 MWh was significantly down on the same period last year due entirely to below average wind speeds (4.3m/s mean average) that have persisted all through the period. Anecdotal experiences of other operators are suggesting this was in-line with the vast majority of UK onshore wind.

An investment return from DistGen Rogershill was paid today.

Electricity generated 115.3%
Cash Return* 114.5%

Despite the ongoing challenges of the COVID19 situation we are pleased to report that scheduled maintenance and other operations have largely continued unaffected thanks to the not insignificant efforts of our service partners who have managed to stay safe and respond to occasional faults in good time.

Overall availability was a very healthy 97.7% over the period with no significant faults or extended periods of downtime to report. Windspeed for the period averaged at 5.7 m/s with a total generation of approximately 563 MWh of clean electricity.

Looking forward we are seeing lead times for parts sourced in the EU increasing and this may have an impact on future breakdowns where the parts in question have to be sourced abroad, noting that the majority of components used in modern wind turbines are indeed manufactured overseas.

An investment return from DistGen Rogershill was paid today.

Electricity generated 102.0%
Cash Return* 89.7%

Over the six-month period to September 30th 2020, the Rogershill turbine has continued to perform very well achieving 99.8% of target generation (325 MWh) with an availability of 96.6%. Windspeeds during this period have been below long-term forecasts (with the exception of July) and therefore we were pleased to get within less than 1% of target production.

The continuing COVID19 pandemic is still having an impact on logistics making it particularly difficult for service technicians to find accommodation while travelling around the country, however despite this normal scheduled service and maintenance activities have continued.

An investment return from DistGen Rogershill was paid today.

Electricity generated 116.9%
Cash Return* 124.1%

For the six month period ending on 31st March 2020 we are very pleased to report the overall availability of the Distgen Rogershill wind turbine was an impressive 99.9% while generation exceeded 110% of target. Wind speed averaged 6.0m/s over the period resulting a total generation of 570 MWh’s of clean electricity. Wind speeds were initially disappointing but then recovered with very stormy conditions throughout February.

Despite the COVID19 pandemic, routine service and maintenance work has continued albeit taking slightly longer due to altered working practices and lack of accommodation for technicians. Our service partners are working very hard to ensure the wellbeing of their technicians, and should they be needed, parts suppliers are also reporting normal availability for most items.

Distgen wind turbines continue to operate as normal. Despite logistical issues around the availability of accommodation for technicians and revised working practices to ensure social distancing, our planned maintenance works continue as scheduled.

Our wind turbines are mostly automatic and managed remotely with key personnel routinely working from home; therefore already with a much reduced risk of infection. Information required for billing and settlement purposes (both FIT and PPA export) is also obtained remotely. Hence there is no requirement for our staff to be travelling on a frequent basis or co-locate in a central office. We use the services of a specialist company for managing the sale of electricity and collection of the Feed-in-Tariff and they themselves are also now all working from home using online systems to help ensure business continuity.

Wind turbine servicing and maintenance clearly does require travel to and from each site and could be affected by any future restrictive guidance or regulation imposed by central government. If this happens we will assess any such restrictions at that time and adapt accordingly. We retain access to several providers of maintenance services and parts, in the UK and Europe, so that in the event of one becoming unavailable we can still operate.

An investment return from DistGen Rogershill was paid today.

Electricity generated 88.6%
Cash Return* 83.3%

Over the six month period from April to September 2019 the turbine at Rogershill Farm has continued to perform well with the exception of a minor electrical issue on the control system which took longer than anticipated to track down. This resulted in a reduced overall availability for the period of 92%. This was followed by very low wind speeds in both May and July and hence production for the period was at 86% of target.

In July we took advantage of the low wind speeds to undertake cleaning and minor cosmetic surface repairs to the blades. Additionally we invested in fitting high-tech 3M leading edge protection tapes to make the blades more resistant to long term pitting and erosion caused by weathering.

An investment return from DistGen Rogershill was paid today.

Electricity generated 94.8%
Cash Return* 96.8%

Over this period, the company observed grid availability of 99.0% and turbine availability of 98.1% with no major faults occurring. The average wind speed (as measured by the on-board anemometer) was 5.3m/s although during the March storms there were brief periods of very high damaging gusts exceeding 25m/s where the turbine was paused as a precaution.

A total of just over 462 MWh of clean electricity was produced representing a load-factor of 21.1%.

A new state-of-the-art wind turbine controller that was retrofit last autumn is performing well and benefiting the company with vastly improved remote access and diagnostic capabilities plus excellent manufacturer support from DEIF.

An investment return from DistGen Rogershill was paid today.

Electricity generated 78.9%
Cash Return* 88.8%

The Rogershill turbine continues to operate normally and perform in-line with the prevailing weather conditions. There was very low wind this period and there have been no major operational issues.

In accordance with DistGen Rogershill's policy of performing strategic updates and upgrades, it has replaced the ageing Vestas control system with a brand new state-of-the-art controller from Danish electrical giant DEIF. This new controller provides significantly better remote access, a modern graphical user interface and slightly better performance due to the use of more modern sensors and a much more powerful central computer which can track the wind more accurately. More importantly, it should secure manufacturer support for the long term with an expected lifespan of 20 years or more. The new control system was installed by DEIFs UK partner Spectrum Energy Systems Ltd.

Following a review of its service and maintenance contract, DistGen Rogershill decided to award the contract to Spectrum who, among other things, can offer the benefit of being experts in the use of the new DEIF control system.

An investment return from DistGen Rogershill was paid today.

Electricity generated 109.9%
Cash Return* 125.2%

A return to windy conditions over the winter of 2017/18 meant that electricity generation was greater than forecast in this period. There were no operational issues reported.

An investment return from DistGen Rogershill was paid today.

Electricity generated 91.6%
Cash Return* 99.1%

Although low wind speeds across the UK for most of 2017 reduced the amount of electricity generated in previous periods, there was a return to more windy conditions over the winter of 2017. There were no operational issues reported.

An investment return from DistGen Rogershill was paid today.

Electricity generated 83.4%
Cash Return* 79.8%

Significantly lower wind speeds across the UK in late 2016 and early 2017 reduced the amount of electricity generated in this period and impacted the return paid to investors.There were no operational issues reported.

An investment return from DistGen Rogershill was paid today.

Electricity generated 90.2%
Cash Return* 76.6%

Significantly lower wind speeds across the UK in 2016 reduced the amount of electricity generated in this period and impacted the return paid to investors.There were no operational issues reported.

An investment return from DistGen Rogershill was paid today.

Electricity generated 139.2%
Cash Return* 145.6%

High winds continued to contribute to high levels of electricity generated in this period. There were no operational issues reported.

An investment return from DistGen Rogershill was paid today.

Electricity generated 108.1%
Cash Return* 110.9%

High winds continued to contribute to high levels of electricity generated in this period. There were no operational issues reported.

An investment return from DistGen Rogershill was paid today.

Electricity generated 112.6%
Cash Return* 116.6%

High winds contributed to high levels of electricity generated in this period. There were no operational issues reported.

This investment closed today.

DistGen Rogershill opened for investment today.