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en10ergy

Financial performance

Please note that this information is no longer updated and is for reference purposes only.

This share offer aims to raise £95,000 to fund solar panels on Woodside school in Haringey.

Annual return

en10ergy aims to pay a return of 4% annually on the orginal investment. Given that there are capital returns from year 1 this produces a projected Internal Rate of Return (IRR) over the full 12 years of the investment of 6.6%.

Projected costs

The principal maintenance and administration costs of the scheme are based on the following assumptions:

  • en10ergy would take out a maintenance contract that would include the replacement of inverters, remote monitoring and alerts for reduced generation. This will be contracted at a steady cost for the first 5 years, and higher estimates incorporated for later years 
  • en10ergy will provide the share launch and share offer expenses
  • en10ergy will not be liable to pay business rates for the solar panels
  • Ethex will act as Receiving Agent for the offer; processing payments; holding investor monies in a suspense account; creating an allocation list on completion of the offer; and once the allocation list has been approved by the en10ergy Board releasing the investor monies to the Society
  • Naturesave will be used for insurance and Registry Trust for handling share tasks
  • The admin for handling VAT and bookkeeping would be provided locally
  • Any additional costs for educational materials or software would not be provided by this scheme

Expected results for en10ergy investors

Annual interest against initial capital investment will be 4%, unless the Board decides that financial circumstances will not allow this in the year. The IRR for investors for an investment over the full 12 year period  is projected to be 6.6%.

Projected income

The following assumptions have been made for pricing and productivity

  • en10ergy will charge Woodside High School 9.5p kWh over the full 20 years 
  • Feed In Tariff’s RPI increase will average 2% over 20 years
  • The percentage exported initially is calculated to be around 10%. As the additional cost of an official Export meter would be more than additional income from applying for Export Tariff, en10ergy will seek ways to maximise on-site use eg batteries, water heating or electric vehicle charging.
  • en10ergy will provide a subscription for the first 12 years sufficient to enable a 4% return to investors, based on initial capital investment and also the return of one twelfth of the investment

For the final 8 years of the project en10ergy will earn around £10K a year (£84.4K) from the sale of electricity to the schools and receipt of Feed In Tariffs, compared with around £43K funds put in over first 12 years

Financial projections

The financial projections are based on securing enough investment to build 2 arrays

Period Year 0 Years 1-5 Years 6 -10 Years 11-15 Years 16-20 Years 1 - 12 Years 1 - 20 (totals)
Subscription payments in from en10ergy £5,393 £14,124 £17,092 £6,716 £0 £37,931 £37,931
FITs over time £17,568 £18,446 £19,539 £20,106 £43,681 £75,659
Income from sales kWh £35,027 £34,221 £33,703 £32,258 £82,768 £135,209
Total Income £5,393 £66,718 £69,758 £59,958 £52,365 £164,380 £248,799
Expenditure £95,000 £8,135 £11,175 £11,175 £11,175 £23,780 £41,660
Net Cash (£95,000) £58,583 £58,585 £48,783 £41,190 £140,600* £66,539**
Net cash used for repayment of shares and interest years 1 - 12 and surpluses years 13 - 20
* capital and member repayments **surplus

Financial position

En10ergy’s financial position as of 31st March 2016:

For the last financial year ending 31st March 2016, turnover was £9,390, mostly from Feed In Tariff income from existing installations. The society made a surplus of £12,503 in the year under review (2015: £3,528). Cash at bank and in hand was £24,469. Members’ share capital was £5,812.

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