Late payment
This investment has an overdue payment to investors. Please see the Updates section to see more information on the cause of the late payment and the company's current plans to resolve the late payment.
What does the company do?
Oakapple Two plc is a company set up to own and manage a portfolio of roof-mounted solar PV systems installed on roofs throughout England. 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 Two consists of 63 rooftop solar PV systems with a total capacity of approximately 877 kWp, predominantly made up of larger roof-top systems installed on apartment blocks which provide electricity for the communal areas of the property. The company also owns a 48 kWp system on the pavilion of Leicester County Cricket Club and a number of smaller systems on individual residential homes.
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 or property owners 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 Two 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?
This was the first investment on Abundance from Oakapple Two. The money raised in this investment offer was used to refinance part of the installation of approximately 877 kWp of rooftop solar PV.
How does the company expect to repay the investment?
Oakapple Two 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 Two 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 tenants and property owners.
Key terms
The interest and capital is paid in equal instalments every 6 months over the life of the investment.
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 is due to be paid back on this investment, based on an example investment of £1,000.
Late payment
This investment has an overdue payment to investors. Please see the Updates section to see more information on the cause of the late payment and the company's current plans to resolve the late payment.
| Payment date | Capital repayment | Interest | Total |
|---|---|---|---|
| 10 March 2016 | £26.32 | £17.60 | £43.92 |
| 8 September 2016 | £26.32 | £17.60 | £43.92 |
| 10 March 2017 | £26.32 | £18.20 | £44.52 |
| 8 September 2017 | £26.32 | £18.20 | £44.52 |
| 9 March 2018 | £26.32 | £18.85 | £45.17 |
| 7 September 2018 | £26.32 | £18.85 | £45.17 |
| 11 March 2019 | £26.32 | £19.50 | £45.82 |
| 6 September 2019 | £26.32 | £19.50 | £45.82 |
| 10 March 2020 | £26.32 | £20.20 | £46.52 |
| 8 September 2020 | £26.32 | £20.20 | £46.52 |
| 11 March 2021 | £26.32 | £20.90 | £47.22 |
| 8 September 2021 | £26.32 | £20.90 | £47.22 |
| 11 March 2022 | £26.32 | £21.65 | £47.97 |
| 8 September 2022 | £26.32 | £21.65 | £47.97 |
| 10 March 2023 | £26.32 | £22.40 | £48.72 |
| 8 September 2023 | £26.32 | £22.40 | £48.72 |
| 8 March 2024 | £26.32 | £23.20 | £49.52 |
| 6 September 2024 | £26.32 | £23.20 | £49.52 |
| 11 March 2025 | £26.32 | £24.05 | £50.37 |
| 8 September 2025 | £26.32 | £24.05 | £50.37 |
| 11 March 2026 | £26.32 | £24.85 | £51.17 |
| 8 September 2026 | £26.32 | £24.85 | £51.17 |
| 11 March 2027 | £26.32 | £25.75 | £52.07 |
| 8 September 2027 | £26.32 | £25.75 | £52.07 |
| 10 March 2028 | £26.32 | £26.65 | £52.97 |
| 8 September 2028 | £26.32 | £26.65 | £52.97 |
| 9 March 2029 | £26.32 | £27.60 | £53.92 |
| 7 September 2029 | £26.32 | £27.60 | £53.92 |
| 11 March 2030 | £26.32 | £28.55 | £54.87 |
| 6 September 2030 | £26.32 | £28.55 | £54.87 |
| 11 March 2031 | £26.32 | £29.55 | £55.87 |
| 8 September 2031 | £26.32 | £29.55 | £55.87 |
| 10 March 2032 | £26.32 | £30.60 | £56.92 |
| 8 September 2032 | £26.32 | £30.60 | £56.92 |
| 11 March 2033 | £26.32 | £31.70 | £58.02 |
| 8 September 2033 | £26.32 | £31.70 | £58.02 |
| 10 March 2034 | £26.32 | £32.80 | £59.12 |
| 8 September 2034 | £26.16 | £32.80 | £58.96 |
| Total | £1,000.00 | £929.20 | £1,929.20 |