thumbnail of Oakapple One

Oakapple One

Return 7.35%-8.60% IRR (variable)
Term 20 years
Total Invested £480k
299  investors
Maturity date 31 Jul 2033
thumbnail of Oakapple One

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.

Solar panels installed on one of the housing developments in Barking
Solar panels installed on one of the housing developments in Barking

Key terms

Issuer Oakapple One
Return 7.35% - 8.60% IRR (variable, based on performance)
Term period 20 years
Start date 1 August 2013
Maturity date 31 July 2033
Capital repayment Regular instalments
Amount raised £480,000.00
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.

See the Debenture Deed for details of all circumstances in which the option for early repayment may be exercised.

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
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

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.

Electricity generated 82.8%
Cash Return* 76.5%

For the 6-month period to the end of December 2023, generation recorded was 82.8% of forecast.

We previously reported that we would be reviewing the low generation performance in the previous period. On investigation, the generation figure reported in the investor update in the last period was incorrect. This was due to a finance team organisation reshuffle following a retirement and using the wrong figure from a report from our FiT provider, Good Energy. Rather than being 30% of forecast, the wording should have said 71% of forecast. This error did not impact the income and cash return calculation.

The previous period and current period generation performance is however still lower than original forecasts. This is mainly due to Operations & Maintenance (“O&M”) issues that we are trying to resolve. Sun Concepts are now responsible for the O&M role, having recently taken over from our previous O&M provider and who should more efficiently carry out the monitoring and repair services required. Sun Concepts is owned by the same shareholder as Oakapple One. We are looking to engage with other external O&M providers to provide additional support as needed to Sun Concepts. The O&M team’s aim is to get the number of “offline” systems down from 15% currently to the industry average of approximately 5%. This will require some spend from us on site visits, repairs and spare parts.

As part of the review of the portfolio we have also assessed our overall operational costs. These are significantly higher than originally envisaged. O&M costs (scheduled and spare parts) have increased in the market. The true cost of the Oakapple team that manage the portfolio has also increased and, due to group circumstances, can no longer be deferred as has happened previously. As a result of these cost increases, the returns being paid to investors have reduced over the last few years.

The current O&M spend has meant that the cash return of £9,500 this semi-annual period is lower than the capital repayment due of £12,000, and there is no dividend payment in this period. We are therefore deferring £2,500 of the capital repayment, as permitted under the debenture deed.

We are confident we will become more profitable again once the benefit of the O&M works is seen over the next 6 to 12 months. However even with the O&M issues resolved, the increasing cost base may mean that we are not able to generate a much higher rate of return than has been provided to date. We will continue to closely monitor the situation and to look at the options available to us to make the portfolio more efficient and maximise the return for you as investors.

An investment return from Oakapple One was paid today.

Electricity generated 30.3%
Cash Return* 48.0%

For the 6-month period to end July 23, generation recorded was significantly lower than forecast.

The operations and maintenance (‘O&M’) issues that we had hoped were being resolved by our third party provider lately appear to be worsening again. The number of systems that appear to be either currently with faults or offline has increased to approximately 16%. In order to find a solution to this, we are changing Operations & Maintenance provider to Sun Concepts. They were the company that did most of the installation work for this portfolio and so are familiar with the systems and locations. We are in the final stages of contracting and cost analysis with them. They will take over by the end of October and we are preparing with them a specific plan to gain access over the next 3 months to all of the properties with these faulty systems and do the necessary repair works.

The high level of faulty systems alone does not however alone explain such a low generation performance for the period. One of the quarter’s in the period is showing income that is particularly low - we are still investigating this in case there is an issue with the reporting to and from Good Energy, our Feed-in-Tariff (‘FiT’) provider. If there is a correction to be made, this will be shown in the subsequent cash return along with any explanations we uncover during the detailed review happening currently.

The indexation increase in the price of our Feed-in-Tariff (‘FiT’) income this year, with a further increase expected next year, means that if we can resolve the generation issues with the portfolio then we will be able to generate a sufficient level of cashflow and cash return to investors to still achieve the level of return originally intended.

An investment return from Oakapple One was paid today.

Electricity generated 79.4%
Cash Return* 78.5%

For the 6 month period to 31 December 2022, generation recorded was lower than forecast.

The operational issues impacting the systems as mentioned in previous investor updates continue to be a problem. Our Operations & Maintenance (‘O&M’) service provider is again reporting that problems are mainly due to access to the sites. Our group has now engaged a specialist contractor to assist with remedying these issues.

With regard to Feed-in-Tariff (‘FiT’) registrations we are pleased to report that the final two properties have been successfully registered and will contribute to electricity generation and cash returns going forward.

An investment return from Oakapple One was paid today.

Electricity generated 79.9%
Cash Return* 51.6%

For the 6 month period to 31 July 2022, generation recorded was lower than forecast. However, the operational issues impacting the systems as reported in the last investor update have now started to be resolved by our Operations & Maintenance service provider following the communications we held with them around April and May. We believe that if this trend can continue that going forward we will start to see generation performance more in line with our original expectations for the portfolio.

We also previously reported that we were close to getting the last three remaining systems registered for the Feed-in-Tariff (‘FiT’. These are all relatively large systems making up 9% of our portfolio. One of these has been successfully registered and has just been included for the Q3 meter readings and FiT submission. We will receive backdated FiTs in the next cash return period. The other two systems should hopefully be approved before the year end and in time for the Q4 meter reading and FiT submission at the end of December, to also be included in the next cash return.

An investment return from Oakapple One was paid today.

An investment return from Oakapple One was paid today.

Electricity generated 68.1%
Cash Return* 66.8%

For the 6 month period to 31 January 2022, generation recorded was lower than forecast.

The operational issues impacting the systems appear to have worsened. Our Operations & Maintenance service provider is mainly reporting problems with access to the sites, particularly those that are on communal buildings. This is frustrating as we expect the issues preventing generation or the recording of generation at each site may well be trivial. We have put our own resource to focus on helping with this and senior members of our team are meeting with the Operations & Maintenance service provider this month to better understand the issues and how they can be resolved quickly. This issue appears to be a common one across the industry as other portfolios in the Oakapple group which have different Operations & Maintenance service providers are experiencing similar issues. We have the ability to change our provider if we feel it is necessary.

The poor generation performance in the period means the Cash Return amount we are able to pay only covers the capital repayment.

We do have better news on the Feed-in-Tariff (‘FiT’) registrations for the 3 outstanding systems. We have managed to amend and align all third party supporting documents with appropriate address information. Good Energy have reviewed all documents and submitted them to OFGEM, they are now pending approval. Good Energy are pushing for these registrations to be finalised this April and we are confident that these systems will be registered in time for the quarter FiT meter submissions at the end of June 2022.

An investment return from Oakapple One was paid today.

Electricity generated 81.9%
Cash Return* 73.1%

For the 6 month period to 31 July 2021, generation recorded was lower than forecast.

There were a higher than normal number of operational issues impacting the systems in the portfolio. Both inspection and remedial work has been difficult to do in the current Covid climate due to the lack of accessibility of the properties. We are in discussions with Anesco, our operations and maintenance provider, who are working hard to identify the issues and clear the backlog.

We can confirm that the backdated Feed-in-Tariff payments for the 2 systems that were registered in Q4 2020 have been received. However, we are still working to finalise the registration of the remaining 3 systems which make up 9% of our portfolio. The discrepancy in the property addresses is proving harder to rectify than expected and the district network operator cannot easily change the address in the national database due to the existing meters set up. We are discussing our options on how else to resolve this with Good Energy, our FiT provider.

An investment return from Oakapple One was paid today.

Electricity generated 78.3%
Cash Return* 76.6%

For the 6 month period to 31 January 2021, generation was lower than forecast. This is due to low generation in the months of October to January as a result of worse than normal weather conditions and reduced sun hours during these months.

Our staff resources are still limited as we slowly get back on our feet after a challenging last year or so. As per the approach last year, the calculation of the operating surplus for this period has therefore been based on our best estimates. We are confident there is no material difference, but for the next cash return we will make any necessary adjustments to ensure the cash return over the 12 month period is accurate.

In relation to the registrations of the last few solar PV systems for the Feed-in-Tariff (‘FiT’), we have successfully registered another smaller system that contributes 1% of the portfolio’s generation capacity. Both this system and the larger system that we reported as finally approved in the previous investor update were submitted in December 2020 for their FiT payments, including the rolled up FiT payments due since they were installed several years ago. Due to the 8 week payment period from OFGEM, this payment will come through in the next cash return period.

We also made some good progress with OFGEM and Good Energy (our FiT provider) with the last 3 systems needing to get registered and which make up 9% of our portfolio. Good Energy have approved our submission documents other than a request to clarify a minor discrepancy in the install address and that in the national database. We are currently contacting the district network operator to approve the address amendment and hope to have this resolved soon.

Electricity generated 104.6%
Cash Return* 72.7%

We have calculated the operating surplus for the entire year to 31 July 2020 and have subtracted the £13,000 payment made to investors in April, which was based on an estimate for that 6 month period.

For the 6 month period to 31 July 2020, electricity generation has been better than forecast, however we continue to receive lower revenues than estimated as we are not receiving Feed-in Tariff (FiT) payments for the electricity generated on 5 systems whose FiT registrations were still outstanding with Ofgem. These 5 systems made up 13% of the total capacity of the Oakapple One portfolio. This has resulted in the Cash Return for this period being lower than originally forecast.

We had to put a number of Oakapple employees on furlough for a long period as a result of the pandemic and we also had members of the team who were ill. Our resources are still limited but we are starting to get back on our feet. Ofgem and Good Energy (our FiT provider) were in a similar situation with a lack of resources and this meant that no further processing of FiT registrations has been able to be undertaken.

Recently we have been able to get back in communication with Good Energy to pick up on the FiT registration processes. We have received final approval that one of the solar PV systems, which makes up 3% of the total portfolio capacity, has been registered with Ofgem. We are expecting to receive the rolled up FiT payments for this system before the next Cash Return payment. One other system is still awaiting Ofgem’s final approval and we are continuing to work to find a solution to resolving the last few issues relating to the remaining 3 unregistered systems. The total capacity of these 4 unregistered systems makes up 10% of our portfolio.

An investment return from Oakapple One was paid today.

Electricity generated 80.7%
Cash Return* 81.6%

For the 6 month period to 31 January 2020, generation was lower than forecast. This is due to worse than normal weather conditions in the months of October to January. Also, one of the larger systems in the portfolio, located on top of a block of flats and which makes up approximately 3.5% of the portfolio’s total capacity, was affected by a fire in the building. The system was down for a while but we are pleased to report this is now operational again. As a result of lost generation, and therefore lost earnings, we are working with the insurance company to recover the lost income.

To note, due to Covid-19 we have limited resources available to the company at present, therefore the calculation of the operating surplus has been based on our best estimates. We are confident there is no material difference, but for the next cash return we will make any necessary adjustments to ensure the cash return over the 12 month period is accurate.

In relation to the outstanding Feed-in-Tariff (‘FiT’) registrations, the first point to note is that the deadline of 31 March 2020, that we mentioned in our previous update, was clarified earlier in the year by Ofgem to only relate to submitting systems for registration, not for completing the registrations. Our remaining 5 systems have already been submitted, the issue is working through the comments received back from Ofgem, and therefore the time limit risk is no longer relevant to us.

This does not mean that we have taken our foot off the pedal and we have continued to push hard with Good Energy and Ofgem to work through the documentation requirements. For 2 of the systems, which make up 4% of Oakapple One’s total portfolio, we are confident that we have now satisfied Ofgem’s requirements and we are waiting for the final approval from Ofgem and the payment of the accrued FiT income due from the time they were installed. For 3 of the systems, which make up 9% of the portfolio’s generation capacity, we are still in communication with Ofgem and, in light of the lengths we have gone to in order to satisfy their requirements, we are requesting a practical approach to resolving the last few issues.

The Covid-19 crisis has unfortunately impacted the Oakapple Group in that a large part of the Group’s business, which is focused on property development and installing solar PV installations on new build properties, has been affected by the standstill in the construction industry. As a result, a number of staff (including those that help to manage this portfolio) have been furloughed for the time being until things return to some normality. Solar PV installations typically have few maintenance requirements, however for any systems that develop a fault during the general lockdown period we will not be able to send our O&M provider to investigate or make repairs. When it is safe to do so again, we will make arrangements with our O&M provider to resolve any issues. We will keep you updated with any material developments during this difficult time.

An investment return from Oakapple One was paid today.

Electricity generated 94.7%
Cash Return* 62.0%

We, the Oakapple team, would like to apologise for the late update. We have been working to fully understand the current performance of our solar PV portfolio and to resolve issues related to the registration of some of the solar PV systems to the Feed-in Tariff (FiT) scheme.

In order to receive payments under the FiT scheme, solar PV systems must be registered with Ofgem, which administers the scheme. While the majority of our solar PV systems are registered, we are continuing to have issues completing the registration of some systems. To recap, the registrations were previously being handled together by SSE (our FiT provider at the time) and Anesco (our operations and maintenance provider). Despite us providing the required documentation at the time, issues in the SSE process meant the registrations were not processed. We subsequently changed FiT provider to Good Energy, who have been significantly more helpful. However, Ofgem have been continually changing the documentation requirements as time has passed, making it more and more difficult for our team to provide the required information to register the systems.

We have devoted significant resource and efforts to resolving these issues and have made progress this year, despite what we consider an inefficient process at Ofgem. There are currently 6 systems remaining unregistered, 5 of which are larger systems. In total they generate 13% of our portfolio’s expected energy.

Unfortunately, Ofgem has confirmed that the smaller of the 6 systems, which contributes 0.4% of the portfolio’s generation capacity, cannot be registered for the FiT. Ofgem is not accepting the evidence we have provided to demonstrate the system was commissioned and submitted for registration prior to 15 January 2016 (the deadline for FiT application submissions), and neither SSE nor Anesco are able to provide any further evidence to support the submission.

The registration issue of the 5 larger remaining systems relates to a new requirement to provide a lease agreement to show that Oakapple One has a right to the FiT payments. Bellway, the company which constructed the property and was the owner at the time, and all related parties are unable to provide a completed copy of the lease. Bellway have since sold on the property and the new owner is not providing a retrospective lease.

To compound this registration issue, the deadline to register solar systems for the FiT scheme is 31 March 2020. We are pushing Ofgem as hard as we can to understand what can be done in these circumstances and how this issue can be rectified. There is a risk that these issues cannot be resolved before the deadline and that these systems will not be able to receive FiT income. In this worst-case scenario, we believe there are a few avenues we could potentially pursue for compensation should the registrations not be successful.

If we are unable to register the remaining 5 systems or obtain compensation, this will materially impact the business’ revenues and, consequently, your returns. If we are successful in registering the systems, we would expect to receive a retrospective and substantial payment for the FiT payments due since the systems were generating electricity, boosting your returns in the period.

In addition to the work to get all systems registered, the portfolio has been under a full assessment to understand why generation is slightly lower than originally expected. Unfortunately, the electricity generation for some of the solar PV systems is being negatively impacted by higher parapet walls than the original building designs suggested which is causing shading on some of the solar panels. We have concluded that we need to downgrade the expected annual generation to approximately 93% of the original generation forecast.

We appreciate your patience while we focus on urgently resolving the registration issues. By 31 March 2020 we will be in a better position to understand the expected future performance of the portfolio and forecast what impact this will have on your forecast returns.

Yours faithfully,

The Oakapple One team

An investment return from Oakapple One was paid today.

An investment return from Oakapple One was paid today.

An investment return from Oakapple One was paid today.

Electricity generated 91.0%
Cash Return* 81.1%

Despite the strong generation performance in the latter months of the period, total generation for the period was lower than forecast. This was mainly due to the severe bad weather in March and April, both of which are normally good generation months.

Two of the larger systems making up 6% of the portfolio capacity were also down as they required replacement inverters but access issues and an unsatisfactory response from the O&M provider led to a long period of delay in installing these. In the end, Oakapple One's parent company purchased the inverters and specialist lifting equipment to get the job completed.

Oakapple One is also still experiencing teething issues with Good Energy, the FiT provider it moved over to last year. The team is querying some FiT amounts paid for generation and the process of registering the remaining systems for the FiT continues to drag on as a result of further unexpected documentation requests from Ofgem.

At the end of this recent Cash Return Period, systems that make up 16% of the portfolio by capacity still need to complete the registration process. The company received some backdated FiTs on the small number of systems that were registered in the period, but there is still a substantial amount owing once the issues are resolved.

The team at Oakapple One continues to work hard to overcome the current complexities in both the registration process and the ongoing O&M issues and steps are being taken on both fronts to get the portfolio performing and generating revenues. They are very frustrated by the continued delays and problems which is impacting your returns and theirs. They are reluctant now to forecast when everything will be resolved but wish to assure you of their focus on the issues and to thank you for your patience in the meantime.

An investment return from Oakapple One was paid today.

Electricity generated 79.8%
Cash Return* 84.1%

Electricity generated in this period has been down against the forecast, principally due to poor weather over the winter period.

Oakapple One has made progress with Good Energy in re-registering the solar PV systems with them and they have received some backdated FiT payments for these. Unfortunately due to documentation queries and a back-log at Good Energy, they have still not received FiT payments for approximately 24%* of the portfolio. Good Energy have, however, recently confirmed that only 15 systems (making up 23% of total portfolio capacity) remain to be registered.

Oakapple One expect to receive the backdated FiT payments for the now re-registered systems in time for the next Cash Return payment, and they continue to work with Good Energy to get the remaining systems re-registered as soon as possible.

*Note correction - the percentage of systems which Oakapple One had not received FiT payments for at the end of the Cash Return Period for August 2017 to January 2018 was previously reported as 42% but was actually 24%.

An investment return from Oakapple One was paid today.

Electricity generated 91.6%
Cash Return* 48.6%

During this period, Oakapple One were in the process of switching their Feed-in Tariff provider from SSE to Good Energy as they offer a better all round service. Unfortunately the process of switching provider has taken longer than expected and during this time Oakapple One has been unable to submit meter readings for some of the solar PV systems. This means they have not yet received all the Feed-in Tariff payments for the electricity generated in this period and therefore the Cash Return paid was lower.

An investment return from Oakapple One was paid today.

Electricity generated 90.3%
Cash Return* 84.5%

An investment return from Oakapple One was paid today.

Electricity generated 94.1%
Cash Return* 103.7%

An investment return from Oakapple One was paid today.

Electricity generated 82.1%
Cash Return* 84.6%

An investment return from Oakapple One was paid today.

Electricity generated 106.1%
Cash Return* 97.0%

An investment return from Oakapple One was paid today.

Electricity generated 93.6%
Cash Return* 99.6%

At the start of the period about 15% of the portfolio were experiencing some issues. These issues were mainly communication problems with the system modems not correctly remotely reporting the amount of electricity generated. Oakapple One has been working to resolve these issues and replace the modems where necessary. Oakapple One hs reported that apart from 2 small systems (maintenance teams are scheduled to visit the sites shortly) the portfolio is operating and communicating correctly.

A total of 118,111 kWh was generated this period. This is below the forecast, largely due to the issues experienced with a section of the portfolio, but also due to low sunlight levels for some months. Oakapple Renewable Energy have contributed to this Cash Return to ensure this loss in generation has not affected your overall return.

An investment return from Oakapple One was paid today.

Electricity generated 103.1%
Cash Return* 153.4%

While the vast majority of the installations were installed and connected in the first period, it took longer than expected to connect some of them to the grid and the monitoring software. This meant the portfolio as a whole generated less than expected for the first two Cash Return periods.

While the original forecast of returns did take into account a phased installation of the systems, Oakapple Renewable Energy agreed to contribute to Oakapple One’s first two Cash Return payments to increase investors returns (this explains the over performance in this period).

The electricity generation data for this payment shows the output from the fully operating and connected systems only.

An investment return from Oakapple One was paid today.

Electricity generated 107.5%
Cash Return* 211.2%

While the vast majority of the installations were installed and connected in this first 6 month period, it took longer than expected to connect some of them to the grid and the monitoring software. This meant the portfolio as a whole generated less than expected.

While the original forecast of returns did take into account a phased installation of the systems, Oakapple Renewable Energy agreed to contribute to Oakapple One’s first two Cash Return payments to increase investors returns (this explains the over performance in this period).

The electricity generation data for this payment shows the output from the fully operating and connected systems only.

This investment closed today.

Oakapple One opened for investment today.