thumbnail of MAP Solar

MAP Solar

Return 7.5% IRR
Term 15 years
Total Invested £675k
443  investors
Maturity date 26 Jan 2023
thumbnail of MAP Solar

A portfolio of some of the earliest rooftop solar in the UK, providing renewable solar energy

MAP Solar was set up to own and manage a 405kWp portfolio consisting of 134 solar PV systems installed on domestic rooftops around the UK. The systems have been generating renewable solar electricity since they were installed between 2011 and 2013.

The solar panels were installed under a long-term lease at no cost for the homeowners who can use the electricity generated for free, helping to reduce their electricity bills. In return, MAP Solar collected the Feed-in Tariffs that are received for the electricity generated from the systems, and was responsible for the ongoing monitoring and maintenance of the solar panels. The solar PV systems have a broad distribution across England and Wales.

MAP Solar’s parent company (MAP EFS Ltd) raised money on Abundance in 2016 to refinance the solar portfolio and put the money into its energy efficiency and LED lighting business. In 2023 the portfolio was purchased by a new owner who chose to make an early repayment of the investment, as allowed under the terms of the Deed. This investment was fully repaid on 26 January 2023.

Key terms

Issuer MAP Solar
Return 7.5% IRR
Term period 15 years
Start date 1 April 2016
Maturity date 26 January 2023
Capital repayment Regular instalments
Amount raised £675,000.00
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
8 September 2016 £16.67 £11.65 £28.32
10 March 2017 £33.33 £23.31 £56.64
8 September 2017 £33.33 £23.31 £56.64
9 March 2018 £33.33 £23.31 £56.64
7 September 2018 £33.33 £23.31 £56.64
11 March 2019 £33.33 £23.31 £56.64
6 September 2019 £33.33 £23.31 £56.64
10 March 2020 £33.33 £23.31 £56.64
8 September 2020 £33.33 £23.31 £56.64
11 March 2021 £33.33 £23.31 £56.64
8 September 2021 £33.33 £23.31 £56.64
11 March 2022 £33.33 £23.31 £56.64
8 September 2022 £33.33 £23.31 £56.64
26 January 2023 £583.37 £59.49 £642.86
Total £1,000.00 £350.86 £1,350.86

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.

As per the notice provided by MAP Solar on 23 December 2022, the company has today made an early redemption of the debentures.

Investors have received:

  • Your outstanding capital repaid in full;
  • Your interest due for the period from 1 July 2022 to 26 January 2023; and,
  • An early redemption premium equivalent to 5.63% of your outstanding capital, or £5.63 for every £100 of outstanding capital repaid.

The Independent Valuer appointed by MAP Solar for the purposes of calculating the premium required under the debenture deed as part of the early redemption is the Chartered Accountant Perrys (https://perrysaccountants.co.uk/).

Dear investors,

We wish to inform you that MAP Solar has had a change of control to a new owner on 22 December 2022.

Under the terms of your investment, MAP Solar has the option of making an early repayment of your investment in full when there is a change of control of the company.

Therefore, this is a Notice of Redemption and we plan to repay your investment on 26 January 2023. This is in accordance with the terms of the Debenture Deed (Clause 12) dated 10th March 2016.

In line with clause 12 of the Debenture Deed, as well as the return of your outstanding capital and accrued interest, you will also be paid a premium determined by an Independent Valuer that compensates you for the investment being repaid early. The Independent Valuer appointed for this purpose has determined a premium equivalent to 5.63% of the outstanding capital. This means that, in total, the return on your investment since inception will have been equivalent to 6.22%.

Consequently, this means that on 26 January 2023 you will receive the following:

  • Your outstanding capital repaid in full;
  • Your interest due for the period from 1 July 2022 to 26 January 2023; and,
  • An early redemption premium equivalent to 5.63% of your outstanding capital, or £5.63 for every £100 of outstanding capital repaid.

On 26 January 2023, your debentures will therefore mature and at that date all security relating to the debentures will be released and obligations between you, MAP Solar and Abundance will end.

On behalf of both the new and previous owners of MAP Solar, we would like to take this opportunity to say thank you for supporting MAP Solar over the last few years. Your investment contributed to the continuing decarbonization of the UK’s energy system, and we wish you well with your investments in the future.

Yours sincerely,

Directors of MAP Solar PLC

An investment return from MAP Solar was paid today.

An investment return from MAP Solar was paid today.

An investment return from MAP Solar was paid today.

For this 6-month period the solar systems generated 103% of our forecast, when the gradual degradation of the solar panels over time is taken into consideration. Where there are non-reporting or under-preforming solar systems, we have Operations & Maintenance actions against them, and the team is prioritising the sites that were also poor performing in previous months.

An investment return from MAP Solar was paid today.

There were no material operational issues reported and the solar systems generated 102% of the forecasted electricity generation. Whilst the change of our FiT provider has been completed from E.ON to Good Energy, we are still chasing E.ON for some missing payments.

An investment return from MAP Solar was paid today.

There were no material operational issues reported and the solar systems generated 107.3% of the forecasted electricity generation. Whilst the change of MAP Solar’s FiT provider has been completed from E.ON to Good Energy, the company is still chasing E.ON for some missing payments.

Solar generating assets are typically quite hands off and require little upkeep. Their performance is largely tied to solar irradiation, and during the lockdown we have been fortunate to experience many sunny spells and no material issues have been reported. During the lockdown period we also completed a change of our FiT provider from E.ON to Good Energy.

There were no material operational issues reported and the solar systems generated 101.8% of the forecasted electricity generation.

There were no material operational issues reported and the solar systems generated 105.6% of the forecasted electricity generation.

There were no material operational issues reported and the solar systems generated 107.3% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 103.3% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 99.0% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 101.2% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 107.0% of the forecasted electricity generation.

The first period was a short 3 month period but future Cash Returns are for 6 months. There were no operational issues reported and the solar systems generated 97.7% of the forecasted electricity generation.

This investment closed today.

MAP Solar opened for investment today.