thumbnail of Upper Pitforthie Windgen Debenture 1

Upper Pitforthie Windgen Debenture 1

Interest rate 12.0% a year
Term 1 year
Total Invested £2.18m
397  investors
Maturity date 31 Dec 2016
thumbnail of Upper Pitforthie Windgen Debenture 1

What does the company do?

Upper Pitforthie Windgen was set up to own, build and manage a 500kW Enercon E48 wind turbine at the Upper Pitforthie farm in Aberdeenshire. The wind turbine generates clean renewable electricity which it supplies to the grid and a wood chip and grain drying business on the same farm. The drying business supplies woodchip to local biomass boiler owners, bringing the green energy element full circle; it is one form of renewable energy supporting another.

The main local user of the electricity generated, North Eastern Fuels (NEF), is a wood chipping and drying business also set up on Upper Pitforthie Farm as a joint venture between John Alexander, the farmer, and John Fotheringham, one of Upper Pitforthie’s directors. NEF has a 999 kW biomass system and a 450 kW electric immersion heater, both of which can be used to provide heat to dry wood chip.

The wind turbine 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 funding on Abundance in 2015 to fund the construction of the turbine. Once complete and operational, the company raised money through a second investment on Abundance to refinance the original construction finance. This investment was repaid in full on 31 December 2016.

How is the company making an impact?

Upper Pitforthie Windgen 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.

The 500kW turbine was installed in 2016
The 500kW turbine was installed in 2016

Key terms

Issuer Upper Pitforthie Windgen
Return 12.0% a year
Term period 1 year
Start date 1 January 2016
Maturity date 31 December 2016
Capital repayment Lump sum on maturity
Amount raised £2,175,000.00
Secured or unsecured Secured It is important to understand that security does not guarantee repayment of your investment or returns.

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 was paid back on this investment, based on an example investment of £1,000.

Payment schedule table
Payment date Capital repayment Interest Total
30 June 2016 £0.00 £59.50 £59.50
31 December 2016 £0.00 £60.49 £60.49
12 January 2017 £1,000.00 £3.94 £1,003.94
Total £1,000.00 £123.93 £1,123.93

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.

This investment closed today.

Upper Pitforthie Windgen Debenture 1 opened for investment today.