What does the company do?
Swindon Common Farm Solar is the company set up by Swindon Borough Council to own and manage a 4.8MW, ground mounted solar PV installation at council owned Common Farm. The solar PV system is part of Swindon Borough Council’s aim to generate enough renewable energy to cover the amount used by local residents, while providing a long-term income for the council.
The solar PV system is 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.
Why did the company raise money?
The company raised money through this investment together with a £3,000,000 loan from Swindon Borough Council to fund the installation of the 4.8MW solar PV system at Common farm which was connected to the grid in June 2016. The loan from the council is subordinate to the investment on Abundance.
How does the company expect to repay the investment?
The company 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 system.
How is the company making an impact?
Aside from generating enough renewable electricity to supply the equivalent of 1,200 homes, the Common Farm solar project is a biodiversity hotspot, a place for plants and insects to thrive with sheep also grazing part of the year. It is a project that helps create a cleaner, greener Swindon while supporting local community initiatives and providing a stable income for the Council.
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.
| Payment date | Capital repayment | Interest | Total |
|---|---|---|---|
| 10 March 2017 | £25.00 | £18.59 | £43.59 |
| 8 September 2017 | £25.00 | £18.59 | £43.59 |
| 9 March 2018 | £25.00 | £18.59 | £43.59 |
| 7 September 2018 | £25.00 | £18.59 | £43.59 |
| 11 March 2019 | £25.00 | £18.59 | £43.59 |
| 6 September 2019 | £25.00 | £18.59 | £43.59 |
| 10 March 2020 | £25.00 | £18.59 | £43.59 |
| 8 September 2020 | £25.00 | £18.59 | £43.59 |
| 11 March 2021 | £25.00 | £18.59 | £43.59 |
| 8 September 2021 | £25.00 | £18.59 | £43.59 |
| 11 March 2022 | £25.00 | £18.59 | £43.59 |
| 8 September 2022 | £25.00 | £18.59 | £43.59 |
| 10 March 2023 | £25.00 | £18.59 | £43.59 |
| 8 September 2023 | £25.00 | £18.59 | £43.59 |
| 8 March 2024 | £25.00 | £18.59 | £43.59 |
| 6 September 2024 | £25.00 | £18.59 | £43.59 |
| 11 March 2025 | £25.00 | £18.59 | £43.59 |
| 8 September 2025 | £25.00 | £18.59 | £43.59 |
| 11 March 2026 | £25.00 | £18.59 | £43.59 |
| 8 September 2026 | £25.00 | £18.59 | £43.59 |
| 11 March 2027 | £25.00 | £18.59 | £43.59 |
| 8 September 2027 | £25.00 | £18.59 | £43.59 |
| 10 March 2028 | £25.00 | £18.59 | £43.59 |
| 8 September 2028 | £25.00 | £18.59 | £43.59 |
| 9 March 2029 | £25.00 | £18.59 | £43.59 |
| 7 September 2029 | £25.00 | £18.59 | £43.59 |
| 11 March 2030 | £25.00 | £18.59 | £43.59 |
| 6 September 2030 | £25.00 | £18.59 | £43.59 |
| 11 March 2031 | £25.00 | £18.59 | £43.59 |
| 8 September 2031 | £25.00 | £18.59 | £43.59 |
| 10 March 2032 | £25.00 | £18.59 | £43.59 |
| 8 September 2032 | £25.00 | £18.59 | £43.59 |
| 11 March 2033 | £25.00 | £18.59 | £43.59 |
| 8 September 2033 | £25.00 | £18.59 | £43.59 |
| 10 March 2034 | £25.00 | £18.59 | £43.59 |
| 8 September 2034 | £25.00 | £18.59 | £43.59 |
| 9 March 2035 | £25.00 | £18.59 | £43.59 |
| 7 September 2035 | £25.00 | £18.59 | £43.59 |
| 10 March 2036 | £25.00 | £18.59 | £43.59 |
| 8 September 2036 | £25.00 | £18.59 | £43.59 |
| Total | £1,000.00 | £743.60 | £1,743.60 |