thumbnail of SunShare Community Nottingham

SunShare Community Nottingham

Return 6.5% IRR
Term 19 years
Total Invested £896k
635  investors
Maturity date 30 Sep 2032
thumbnail of SunShare Community Nottingham

What does the company do?

SunShare Community Nottingham is a company, set up by solar developer EvoEnergy, which owns and manages a portfolio of solar PV systems installed on schools, Sure Start centres, leisure centres and a library in Nottingham.

Nottingham City Council leases the rooftops of the various buildings to SunShare Community Nottingham plc, which owns the solar PV systems and is responsible for the ongoing maintenance and collects the Feed-in Tariff revenues. In exchange for this, the company has entered into an Energy Supply Agreement with Nottingham City Council whereby the Council commits to pay a certain price for the electricity (linked to RPI) used by the buildings’ occupiers, lowering its overall bill.

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 any 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.

Why did the company raise money?

The money raised in this investment offer was used to refinance the installation of approximately 572 kWp of rooftop solar PV.

How does the company expect to repay the investment?

SunShare Community Nottingham 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?

SunShare Community Nottingham 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 Nottingham City Council.

The solar PV panels are installed on council owned buildings
The solar PV panels are installed on council owned buildings

Key terms

Issuer Sunshare Community Nottingham
Return 6.5% IRR
Term period 19 years
Start date 1 October 2013
Maturity date 30 September 2032
Capital repayment Regular instalments
Amount raised £896,000.00
Return structure

The interest and capital is paid in equal instalments every 6 months over the life of the investment.

Each year, the amount due to investors in terms of interest and capital repayment is split between the two semi-annual payments 70%/30% for the December and June payments respectively. This is due to the increased irradiation (sunlight) over the summer months which means the company has higher revenues over that period.

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 is due to be paid back on this investment, based on an example investment of £1,000.

Payment schedule table
Payment date Capital repayment Interest Total
9 June 2014 £15.79 £12.15 £27.94
9 December 2014 £36.84 £28.36 £65.20
9 June 2015 £15.79 £12.15 £27.94
9 December 2015 £36.84 £28.36 £65.20
9 June 2016 £15.79 £12.15 £27.94
9 December 2016 £36.84 £28.36 £65.20
9 June 2017 £15.79 £12.15 £27.94
8 December 2017 £36.84 £28.36 £65.20
8 June 2018 £15.79 £12.15 £27.94
7 December 2018 £36.84 £28.36 £65.20
7 June 2019 £15.79 £12.15 £27.94
9 December 2019 £96.48 £32.24 £128.72
9 June 2020 £14.41 £11.09 £25.50
9 December 2020 £33.63 £25.89 £59.52
9 June 2021 £14.41 £11.09 £25.50
9 December 2021 £33.63 £25.89 £59.52
9 June 2022 £14.41 £11.09 £25.50
9 December 2022 £33.63 £25.89 £59.52
9 June 2023 £14.41 £11.09 £25.50
8 December 2023 £33.63 £25.89 £59.52
7 June 2024 £14.41 £11.09 £25.50
9 December 2024 £33.63 £25.89 £59.52
9 June 2025 £14.41 £11.09 £25.50
9 December 2025 £33.63 £25.89 £59.52
9 June 2026 £14.41 £11.09 £25.50
9 December 2026 £33.63 £25.89 £59.52
9 June 2027 £14.41 £11.09 £25.50
9 December 2027 £33.63 £25.89 £59.52
9 June 2028 £14.41 £11.09 £25.50
8 December 2028 £33.63 £25.89 £59.52
8 June 2029 £14.41 £11.09 £25.50
7 December 2029 £33.63 £25.89 £59.52
7 June 2030 £14.41 £11.09 £25.50
9 December 2030 £33.63 £25.89 £59.52
9 June 2031 £14.41 £11.09 £25.50
9 December 2031 £33.63 £25.89 £59.52
9 June 2032 £14.41 £11.09 £25.50
9 December 2032 £33.69 £25.89 £59.58
Total £1,000.00 £727.68 £1,727.68

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.

An investment return from SunShare Community Nottingham was paid today.

An investment return from SunShare Community Nottingham was paid today.

An investment return from SunShare Community Nottingham was paid today.

The solar systems were effected by cloudier winter months, before being more than offset by a sunny March 2022. This combination yielded a 102.6% of forecasted generation during the 6 month period.

The solar systems generated 106.5% of the forecasted electricity generation during the 6 month period.

The solar systems generated 87.6% of the forecasted electricity generation during the 6 month period.

An investment return from SunShare Community Nottingham was paid today.

The solar systems generated 101.1% of the forecasted electricity generation during the 6 month period. The company has provided a short update on impacts from COVID-19 below.

As a result of COVID-19, many of the sites such as schools and leisure centres have closed, and there are a few issues we cannot resolve as quickly as we otherwise would but we are attempting to gain Engineer access safely. Fortunately the pandemic period has been very sunny period as an offset.

Due to the closures we are also seeing a delay on payments of our invoices. As the sites begin to re-open, hopefully in June/July, we expect payments on our invoices to be authorised and cash flows will catch up.

In addition to the regular Cash Return, one of the solar PV systems was sold and SunShare paid out a partial redemption to investors. One of the solar PV systems that was part of the SunShare Community Nottingham portfolio has been purchased by the school where it was installed. This event has triggered the requirement for SunShare Community Nottingham to make a partial redemption of the Debenture.

"

SunShare Community Nottingham is made up of a portfolio of solar PV systems across council buildings in Nottingham such as schools, leisure centres and a library. One of the locations, Bluebell Hill School, has decided to purchase the solar system from SunShare as it is allowed to do under the terms of the agreement with SunShare. The school has expansion plans involving building works which require the solar PV array to be moved and the school has decided it is best to purchase the array from SunShare. As part of the agreement, SunShare has received an early termination payment related to the transfer of the ownership of solar PV array to Bluebell Hill School.

In the event that a solar PV system is purchased by one of the council sites, reducing the ongoing revenues for SunShare, the Debenture Deed requires the company to make a partial redemption of the Debenture. SunShare has instructed Baldwins (Registered Company no. 6365189) as the Independent Valuer to determine the amount that is due to Debenture holders. The amount includes a repayment of some of your capital and an additional premium that ensures your overall effective rate of return is unaffected.

The Independent Valuer has determined that SunShare must pay investors a total of £56,913, which includes £53,440 in capital repayment and a premium of £3,473. SunShare has made this partial redemption today alongside your regular Cash Return.

"

The solar systems generated 105.35% of the forecasted electricity generation during the 6 month period

An investment return from SunShare Community Nottingham was paid today.

The solar systems generated 106.63% of the forecasted electricity generation with the favourable weather conditions in the higher potential generating months of February to March 2019, recovering the lower generation caused by the poor sunlight during November 18 – January 2019.

The company continues to actively monitor and maintain the portfolio with one inverter replaced during the Cash Return period and a number of others have been identified to require replacement plus some broken panels.

There are several schools in the Nottingham area which are expanding, including schools where SunShare has solar systems installed, and the company expects one of the schools to shortly ask for the panels to be temporarily removed. The lost electricity generation during this short period of operational downtime is covered under the contract with the schools.

An investment return from SunShare Community Nottingham was paid today.

Three inverters have been replaced but otherwise there were no operational issues reported and the solar systems generated 108.92% of the forecasted electricity generation. There are several schools in the Nottingham area which are expanding, including schools where SunShare has solar systems installed. SunShare has worked with one school in this period to temporarily remove the panels to allow for expansion and another school is expected to do the same soon. The lost electricity generation during this short period of operational downtime is covered under the contract with the schools.

There were no operational issues reported and the solar systems generated 85.4% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 98.2% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 94.5% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 112.3% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 90.3% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 104.0% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 95.5% of the forecasted electricity generation.

In the autumn, the solar system at one of the sites was not generating due to an isolated incident which did not affect the payment of this Cash Return. SunShare Community Nottingham worked with the equipment suppliers and insurers to understand and resolve the problem promptly. There were no operational issues reported and the solar systems generated 101.7% of the forecasted electricity generation.

There were no operational issues reported and the solar systems generated 106.9% of the forecasted electricity generation.

This investment closed today.

SunShare Community Nottingham opened for investment today.