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Resilient Energy Great Dunkilns

Return 6.75%-9.3% IRR (variable)
Term 20 years
Total Invested £1.4m
393  investors
Maturity date 30 Apr 2019
thumbnail of Resilient Energy Great Dunkilns

The first project on Abundance was a 500kW wind turbine that powers the grid and the local community

As well as being the first project on Abundance, REGD was also the first community scale wind turbine in the Forest of Dean. People local to the project and our very first members invested £1,400,000 to fund its construction in early 2013.

All the clean electricity produced goes directly into the grid, while the financial revenues are shared between investors and the local community. The latter allocate grants from the Community Fund to groups and initiatives in the local area on a regular basis.

This Debenture was redeemed early after the company was bought by a local community benefit society — Debenture holders were repaid in full plus a premium determined by an independent valuer.

Key terms

Issuer Resilient Energy Great Dunkilns
Return 6.75% - 9.3% IRR (variable, based on performance)
Term period 20 years
Start date 1 October 2012
Maturity date 30 April 2019
Capital repayment Regular instalments
Amount raised £1,400,000.00
Return structure
Secured or unsecured Unsecured
Early repayment options

Documents

Debenture Deed
Download PDF Placeholder text

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
9 June 2013 £25.00 £0.00 £25.00
9 December 2013 £25.00 £2.68 £27.68
9 June 2014 £25.00 £7.04 £32.04
9 December 2014 £25.00 £0.00 £25.00
9 June 2015 £25.00 £23.73 £48.73
9 December 2015 £25.00 £7.95 £32.95
9 June 2016 £25.00 £28.98 £53.98
9 December 2016 £25.00 £0.00 £25.00
9 June 2017 £25.00 £11.44 £36.44
8 December 2017 £25.00 £3.44 £28.44
8 June 2018 £25.00 £17.77 £42.77
9 December 2018 £25.00 £0.00 £25.00
30 April 2019 £700.00 £126.00 £826.00
Total £1,000.00 £229.03 £1,229.03

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.

Resilient Energy Great Dunkilns has redeemed the Debenture in full today. Debenture holders were repaid in full plus a premium determined by an independent valuer.

Resilient Energy Great Dunkilns has issued notice to investors that the Debenture is to be redeemed after the company was sold to a local community benefit society. As an investor, if you have not received this notice by email, please let us know.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 50.6%
Cash Return* 58.2%

Electricity generation was significantly lower than forecast for this 6-month period. The overriding reason for this was low wind speeds during the long hot summer we had extending from April through to August.

There was an 8 day period of unplanned operational downtime due to a lightning strike on 30 May. The turbines protection system and earthing worked faultlessly and protected the turbine, however, there was also a surge on the main grid which damaged ancillary equipment plugged into the 240v supply within the substation. This included the Uninterrupted Power Supply (UPS) back up for the G59 relay (which disconnects the turbine from the grid in the event of a grid outage) and the modem for communication. With the communication system and the UPS for the G59 relay damaged, the turbine was not able to operate for a short period until the replacement UPS could be sourced and fitted. In addition to the repairs, a higher spec surge protection was fitted to the UPS as part of the works to prevent this happening again.

The cost for replacing the damaged parts including fitting and repairs was approximately £6,200+VAT and the lost income for the period was estimated to be £5,317 for the 8 days. Resilient Energy Great Dunkilns is looking to claim this back from its insurance provider.

The yaw motor, which had previously caused intermittent issues, did not affect electricity output in this period (April-September) as it tends to only impact the performance of the turbine during periods of high winds which strain the motor. The faulty yaw motor was successfully replaced in October ahead of the windier winter season.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 100.7%
Cash Return* 82.7%

The REGD wind turbine has been experiencing an intermittent yaw motor fault which had been initially scheduled for replacement in Summer 2017 when the winds were lower allowing access & reduced impact on generation. The installation of this particular yaw motor (there are three in the turbine), proved more challenging than was initially envisaged because of its location and following an assessment by the UK service team it was decided to temporarily repair the existing yaw motor and defer changing it until Summer 2018. The yaw motor is in secure storage on site awaiting installation along with two further spare motors and a complete set of turbine spares should any future issues arise.

However, the more severe winter of 2017/18 including blustery weather and frequent yawing (turning into wind) of the turbine put an unexpected load on the struggling motor. This required frequent (sometimes daily) resets of the turbine and increased the management costs as well as the maintenance costs of the turbine in this 6 month period. The yaw motor is now scheduled for replacement in October when hopefully winds will be low allowing crane access to replace the struggling motor with a brand new one.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 70.3%
Cash Return* 69.1%

In this period, as with the two preceding periods, while there were no operational issues reported, wind speeds were below the long term average which reduced the electricity generated significantly. Over 2016 and early 2017, wind speeds have been low across much of the UK.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 74.6%
Cash Return* 72.5%

There were no operational issues in this period, but wind speeds have remained low on average reducing the amount of electricity generated by the turbine.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 71.1%
Cash Return* 62.6%

In this period, there has been no operational issues but low wind speeds has resulted in less electricity generation which has negatively affected the Cash Return amount.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 118.5%
Cash Return* 110.7%

The seventh period was the best to date with high wind speeds and no operational issues contributing to high electricity generated. There was an additional accrued cost this period to replace the turbine yaw which requires replacement.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 74.8%
Cash Return* 85.1%

The sixth period saw no operational issues reported but generation was negatively impacted overall by a period of low wind speeds particularly towards the end of summer. There was an additional one off cost for the project this period as work was undertaken to improve access to the turbine which was being hampered by flooding to the access road. Resilient Energy Great Dunkilns took the opportunity over the drier summer months to lift, lay drainage and relay the access road.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 107.2%
Cash Return* 103.0%

The fifth period saw the wind turbine’s best performance so far and allowed the project to cover the deferred costs from the turbine upgrade costs carried out in 2014. The relatively low wind speeds experienced over the summer continued through October and particularly November, impacting on generation at the start of this period. As we entered the winter months in December, wind speeds picked up significantly with the ’Weather Bomb’ bringing high wind speeds. The high winds continued into January and made it a record breaking month with over 150,000 kWh generated – a new record for REGD. February and March also saw above forecast generation which helped to bring the project in ahead of forecast for the period as a whole.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 50.1%
Cash Return* 66.6%

The fourth period was impacted by very low wind speeds over the summer of 2014, particularly in June and September. There were no operational issues and the turbine continued to perform well, generating above the estimate for a given wind speed. Wind speeds dropped in April and did not pick up for much of the summer period impacting wind generation across the UK. The average wind speed on site over April–September was just 4.6m/s. During June (average 3.7m/s) and September (average 3.8m/s), wind speeds were particularly low and the cut–in speed (the wind speed required for the turbine to start generating) was only reached for part of both months. Some of the costs related to the upgrade work carried out on the turbine in January 2014 were due this period but were deferred until the next Cash Return Period to ensure that the project could make the capital repayment for this period.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 92.2%
Cash Return* 74.8%

Over the third 6 month period, there were two periods of generation downtime, but otherwise there were no major operational issues reported. There was unplanned downtime in late December when storms knocked over trees which disrupted the local grid. This resulted in some downtime as the grid was reestablished and the turbine communications system reconnected. The second period of downtime was planned in December as the turbine underwent its first year review of operation. Significant updates were also completed as an optional extra on the turbine including remapping the turbine software and recalibrating the blades, vibration sensors and generator torque setting so that they are now in line with latest developments made by the manufacturer of the turbine, PowerWind. Improvements were also made so that the turbine is less affected by disruptions on the local grid and enabling automatic restart if the grid goes down for short periods. The improvements were significant, with electricity generation at all wind speeds now increased and importantly, reducing stoppages at high wind speeds and quicker restarts. These improvements are expected to have a positive impact on energy generation going forwards, but did result in an additional cost which was partly paid for in this six month period.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 67.7%
Cash Return* 83.2%

By the second period the turbine was fully operational and through the testing period but wind speeds were below the long term average expected for much of 2013 which reduced the electricity generated. After almost a full year of operation complete, and the data and experience that it gave REGD, they decided to make some further minor calibrations to the turbine under the guidance of the turbine supplier, Powerwind, to maximise the turbine’s capability and output for the coming year.

An investment return from Resilient Energy Great Dunkilns was paid today.

Electricity generated 64.9%
Cash Return* 100.0%

The wind turbine was installed by the end of September 2012 and went through its commissioning and testing period during which it was not operating at full capacity. Due to this testing period, the first Cash Return was expected to be smaller than in subsequent periods and only cover the capital repayment. There was also some disruption in this first period caused by adverse weather affecting off–site grid infrastructure over the Christmas period — remedial work was completed to bring the turbine back online.

This investment closed today.

Resilient Energy Great Dunkilns opened for investment today.