thumbnail of Ecossol PV Debenture 1

Ecossol PV Debenture 1

Return 7.0% IRR
Term 19 years
Total Invested £1.07m
529  investors
Maturity date 19 Nov 2020
thumbnail of Ecossol PV Debenture 1

Helping homeowners to go green with rooftop solar panels

Ecossol PP was set up to help make solar PV more achievable across a broader geographic area and continue the rollout of solar PV for homeowners in areas with lower solar irradiation. Ecossol PV installed solar panels on more than 600 homes in the north east of England in 2015.

Ecossol PV part-funded the installation of the solar panels and was responsible for the ongoing operations and maintenance of the solar system for the homeowner. In return, Ecossol PV received the Feed-in Tariff paid for the electricity generated. The remaining cost of the panels was met by the government's Green Deal scheme at the time, whereby homeowners were provided with a loan with the repayments covered by the expected energy saving from using the onsite solar electricity generated. This loan is repaid through the homeowner's energy bills, which decrease over time as the loan is paid off.

There were two Debenture offers on Abundance from Ecossol in 2015, which raised a total of more than £1,900,000. Both Debentures were repaid in full in 2020 after the portfolio of solar systems was sold.

Key terms

Issuer Ecossol PV
Return 7.0% IRR
Term period 19 years
Start date 1 July 2015
Maturity date 30 June 2034
Capital repayment Regular instalments
Amount raised £1,068,800.58
Secured or unsecured Unsecured

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 was paid back on this investment, based on an example investment of £1,000.

Payment schedule table
Payment date Capital repayment Interest Total
10 March 2016 £26.32 £22.06 £48.38
8 September 2016 £26.32 £22.06 £48.38
11 March 2017 £43.45 £22.21 £65.66
8 September 2017 £28.95 £21.67 £50.62
9 March 2018 £31.26 £21.62 £52.88
7 September 2018 £28.24 £21.45 £49.69
11 March 2019 £37.67 £21.48 £59.15
8 September 2019 £35.08 £21.13 £56.21
10 March 2020 £36.85 £20.88 £57.73
8 September 2020 £28.97 £20.45 £49.42
19 November 2020 £676.89 £19.19 £696.08
Total £1,000.00 £234.20 £1,234.20

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.

Thank you to all those who voted on the proposal from Ecossol PV to repay your investment early with an agreed premium, using the funds from the planned sale of the business.

In order for the Special Resolution to be agreed, investors holding 75% of the outstanding value of the Debentures had to vote in favour, with investors in each of the two Debentures voting separately in favour. The voting threshold required to pass both Special Resolutions has now been met. As of 5pm on 30 Sept 2020 (the close of the voting), both sets of investors have voted in favour of the proposal, with the voting breakdown as follows:

  • Debenture 1 - 398 investors holding 79.3% of the value of the Debentures voted in favour of the Special Resolution, with 9 investors holding 5.4% of the Debentures voting against.
  • Debenture 2 - 393 investors holding 82.5% of the value of the Debentures voted in favour of the Special Resolution, with 10 investors holding 3.3% of the Debentures voting against.

Lawrence Buckley, director of Ecossol PV, would like to thank Debenture holders for taking the time to consider his proposal and for voting in favour. He will now be working rapidly with the buyer of Ecossol PV to complete the sale and provide Debenture holders with the proceeds of the sale as promised. While the deadline for the sale to be completed is 1 December, Lawrence will be working to complete the process in advance of this date. If the proposed sale is unsuccessful, the proposal to repay your debentures will not proceed

Please read the full update here

The solar systems generated 96.7% of the forecasted electricity generation.

Ecossol PV paid out an additional £5,008 to investors today as a mandatory redemption payment after 2 homeowners exercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 7.88 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

Due to an administrative banking delay, Ecossol PV has been unable to make the Cash Return due today. The company has authorised the payment of the amount due to investors from its bank, however it is still experiencing a delay with its banking provider. The company is in discussion with its bank to resolve the issue and expects to make the payment as soon as possible.

We have a large diversified solar PV portfolio around Sunderland on residential rooftops. Despite the current coronavirus outbreak and the impact it is having on the wider economy, our solar portfolio is expected to continue to perform well based on the amount of sunshine received and homeowners should continue to benefit from low energy bills.

Where we may experience some issues is if some of the individual solar systems experience faults which require an engineer visit, as we will likely have reduced access to the solar PV systems during this period. However, we usually only get a few faults across the portfolio in any given period and some are just communication errors which come out in the wash while others only require us to get in touch with the homeowner - it should be easier to contact homeowners since they are now more likely to be home. A delay to resolving any faults may result in some lost generation, but the impact on the entire portfolio is expected to be limited.

Ecossol PV paid out an additional £13,068 to investors today as a mandatory redemption payment after five homeowners exercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 19.86 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

Ecossol PV has paid out the slightly delayed Cash Return. The solar systems generated 89.0% of the forecasted electricity generation.

The Cash Return payment that is due to be paid by Ecossol PV today has been delayed due to an administrative delay in Ecossol PV receiving a payment from Good Energy, the company's Feed-in Tariff supplier for its solar PV portfolio. The Cash Return is expected to be paid tomorrow, and we will email you once the Cash Return has been paid, or if payment from Good Energy is delayed much further.

Dear investors,

To recap from my previous update, my family and I are planning on living between the USA and UK, and I will no longer be able to commit the time or resource required to keep a complicated solar company with over 500 customers running smoothly. As such, I have been looking to sell my interest in the company.

We were in an advanced stage with a prospective buyer, but unfortunately we could not agree on a sale price and the buyer has pulled out.

My plans for relocating to the USA with my family have not changed, therefore I am preparing to go to market again to find a new buyer. I am also looking at some other options to ensure investors are looked after and the company continues to run smoothly.

I apologise for the delay in the communication and would like to reassure you that until my interest in the company has been sold, things will continue as before.

Kind regards,

Lawrence Buckley

Ecossol PV paid out a mandatory partial redemption payment after four homeowners excercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 15.86 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

The solar systems generated 99.0% of the forecasted electricity generation.

Please read the full update here

Ecossol PV paid out a partial mandatory redemption payment after five homeowners excercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 18.73 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

There were no operational issues reported and the solar systems generated 95.8% of the forecasted electricity generation.

Ecossol PV paid out a mandatory partial redemption payment after one homeowner excercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 3.90 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

There were no operational issues reported and the solar systems generated 91.3% of the forecasted electricity generation.

Ecossol PV paid out an a partial mandatory redemption payment after two homeowners excercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 7.98 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

There were no operational issues reported and the solar systems generated 89.3% of the forecasted electricity generation.

Ecossol PV paid out a partial mandatory redemption payment after one homeowner excercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 3.50 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

There were no operational issues reported and the solar systems generated 93.6% of the forecasted electricity generation.

Ecossol PV paid a mandatory partial redemption payment after six homeowners excercised their right to purchase the rights to the Feed-in Tariff related to their solar PV system. In total, 23.30 kWp was removed from Ecossol PV’s portfolio related to this Debenture in the last 6 month period.

There were no operational issues reported and the solar systems generated 98.5% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 88.2% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 91.2% of the forecasted electricity generation.

This investment closed today.

Ecossol PV Debenture 1 opened for investment today.