What does the company do?
Oakapple One plc is a company set up to own and manage a portfolio of roof-mounted solar PV systems installed on domestic roofs throughout England but predominately in the South East. From early 2012, Oakapple Renewable Energy (the solar developer behind the project) worked with one of the UK’s largest national house builders to install roof mounted solar panels on the homes they are building across the UK. As well as lowering energy bills, the solar panels help to increase the share of renewable electricity in the UK’s grid.
The portfolio owned by Oakapple One includes 168 solar PV installations, totalling just under 440 kWp, predominantly made up of smaller systems on individual residential homes with some larger roof-top systems installed on apartment blocks which provide electricity for the communal areas of the property.
The solar PV 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. The tenants in the homes get to use as much of the solar power as they can for free, helping to lower their energy bills, while the renewable electricity helps to lower the annual CO2 emissions from UK homes. In return, Oakapple One collects the Feed-in Tariff received for the renewable electricity generated and is responsible for the ongoing maintenance of the solar systems.
Why did the company raise money?
The money raised in this investment offer was used to refinance the installation of approximately 440 kWp of rooftop solar PV on new build houses and flats.
How does the company expect to repay the investment?
Oakapple One expects to repay investors from revenues it earns over the life of the investment from the generation and sale of electricity from its solar PV portfolio.
How is the company making an impact?
Oakapple One 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, as well as lowering energy bills for the homeowners.
Key terms
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.
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 performance of the project during each return period.
| Payment date | Capital repayment | Dividend | Total |
|---|---|---|---|
| 11 April 2014 | £25.00 | £8.25 | £33.25 |
| 8 October 2014 | £25.00 | £14.87 | £39.87 |
| 10 April 2015 | £25.00 | £7.74 | £32.74 |
| 9 October 2015 | £25.00 | £27.64 | £52.64 |
| 8 April 2016 | £25.00 | £3.34 | £28.34 |
| 7 October 2016 | £25.00 | £32.33 | £57.33 |
| 11 April 2017 | £25.00 | £3.83 | £28.83 |
| 9 October 2017 | £25.00 | £2.38 | £27.38 |
| 11 April 2018 | £25.00 | £4.21 | £29.21 |
| 9 October 2018 | £25.00 | £21.56 | £46.56 |
| 11 April 2019 | £25.00 | £6.83 | £31.83 |
| 9 October 2019 | £25.00 | £13.95 | £38.95 |
| 9 April 2020 | £25.00 | £2.08 | £27.08 |
| 9 October 2020 | £25.00 | £18.31 | £43.31 |
| 9 April 2021 | £25.00 | £3.12 | £28.12 |
| 8 October 2021 | £25.00 | £19.34 | £44.34 |
| 11 April 2022 | £25.00 | £0.00 | £25.00 |
| 7 October 2022 | £25.00 | £6.87 | £31.87 |
| 11 April 2023 | £25.00 | £3.45 | £28.45 |
| 9 October 2023 | £25.00 | £5.18 | £30.18 |
| 10 April 2024 | Variable | Variable | Variable |
| 9 October 2024 | Variable | Variable | Variable |
| 11 April 2025 | Variable | Variable | Variable |
| 9 October 2025 | Variable | Variable | Variable |
| 10 April 2026 | Variable | Variable | Variable |
| 9 October 2026 | Variable | Variable | Variable |
| 9 April 2027 | Variable | Variable | Variable |
| 8 October 2027 | Variable | Variable | Variable |
| 10 April 2028 | Variable | Variable | Variable |
| 9 October 2028 | Variable | Variable | Variable |
| 11 April 2029 | Variable | Variable | Variable |
| 9 October 2029 | Variable | Variable | Variable |
| 11 April 2030 | Variable | Variable | Variable |
| 9 October 2030 | Variable | Variable | Variable |
| 11 April 2031 | Variable | Variable | Variable |
| 9 October 2031 | Variable | Variable | Variable |
| 9 April 2032 | Variable | Variable | Variable |
| 8 October 2032 | Variable | Variable | Variable |
| 11 April 2033 | Variable | Variable | Variable |
| 7 October 2033 | Variable | Variable | Variable |