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Gawcott Fields - OFFER CLOSED

2016 Bond offer - OFFER CLOSED

£250 minimum

Open bond offers are subject to changes and updates as the project progresses.

Check back with this tab to find the latest project update.

Latest update: 02/05/2017

Update: 02/05/2017

This offer closed on 30th April 2017, it is no longer possible to invest in this product.

Please go the Ethex Homepage to see the other primary offers that are currently open on the Ethex platform.

Update: 09/02/2017

The bond offer will now be extended to 30th April with a bond allocation to be made as soon as the Santander loan is ready for drawdown (expected by the end of March). Commitments to accrue interest to investors who have placed and paid for their orders prior to previous extensions remain as described in previous updates and the December bond offer document. New investors who have placed and paid for their orders prior to the 10th February will accrue interest from 11th February. Investors who place and/or pay for orders after 10th February will accrue interest from the extended close date.

As mentioned in the revised bond offer document, Gawcott Fields Solar has been in discussions with a social investment fund about providing a junior loan to help bridge the gap between the capital raised from the bond offer and the Santander loan. Gawcott Fields Solar are pleased to announce they have now accepted a loan offer from Social and Sustainable Capital for £575,000, subject to satisfactory agreement of legal documentation. This, in addition to surplus revenue accrued, enables the target for the bond raise to be dropped to £500,000. In addition, Social and Sustainable Capital and Power to Change, (a charitable trust set up by Big Lottery Fund) have offered to invest £50 in the bond offer for each £50 raised from people and organisations in the local area, which includes all MK and HP post-codes.

Thank you for your support for Gawcott Fields Community Solar and please do spread the word about this great community energy initiative.

Update: 02/12/2016

The Gawcott Fields Community Solar bond offer was launched in June 2016 whilst the Community Solar Farm was still under construction. Significant progress has been achieved since then, as summarised in this update. The Directors intend to issue an updated bond offer document in mid-December with confirmation of all the details, so please watch this space. A decision to invest should only be made on the basis of the updated offer document.

Construction is completed and the solar farm is performing well
The Community Solar Farm was commissioned on target at the end of June 2016, and in time to qualify for the feed-in tariff (FiT) rate that applied in June 2015 – prior to the recent cuts by the government. Full FiT accreditation has since been confirmed by the regulator, Ofgem. The FiT rate is locked in for 20 years, increasing with inflation.
The Community Solar Farm has been performing well - site testing completed in November showed the performance ratio (“PR”) to be above the ratio assumed in June. PR is a measure of the solar farm’s efficiency at converting the available sunlight to electricity.

Loan finance is progressing
A loan offer from Santander was accepted by the Directors in November for a higher amount (just over £3million) and lower cost than the Directors could assume in June. This has enabled the target for the bond offer to be reduced from £2million to £1.12million, and has a positive impact on the financial projections.
The Directors are also in discussions with a social investment fund that is considering providing a “junior” loan to reduce the bond offer target further and help fund any gap between the funds raised from the bond offer and the Santander loan. Due diligence is underway and we expect the offer will be confirmed later this month. The Directors are delighted with the opportunity to work with this social investment fund, particularly as it shows strong faith in the project and the aims of Gawcott Fields Community Solar.

Higher Community Surplus income projected
On the basis of the updated financial projections incorporating the offered Santander loan terms it is expected that the Community Surplus income generated for local projects will be significantly higher over the 30 year life of the project than the base case assumed when the bond offer was launched in June.
The Directors have also developed more detailed plans for how to use the Community Surplus. For an initial period of 3 years, half the Community Surplus will be used to fund a program in the local area to help people struggling with their energy bills. This program will be run by Buckingham and Winslow Citizens Advice in collaboration with the Milton Keynes-based energy charity, the National Energy Foundation. The other half of the Community Surplus will be used to support a community fund to provide grants to local community organisations. The grants will be awarded through an application process open to organisations operating in the Local Community, and will have a defined focus each year. For the first year the focus will be local sports.

Timing of the offer
The bank loan process has taken longer than expected and Bonds cannot be issued until the bank loan is ready for drawdown. The team are now working towards completion of the bank loan process and first close of the bond offer on 10th February 2017. Assuming a first close on 10th February, Bond investors will accrue interest from 10th February at 6%, subject to the terms set out in the offer document.
The Directors have made a commitment to investors who applied and paid for bonds prior to 31 October that they will receive a small additional interest payment, as appreciation for their early commitment to the offer.

 

Please note that part or all of your capital may be at risk and interest payments are not certain or guaranteed. Prospective investors should read the whole of the updated offer document, including the risk factors, before deciding whether to invest. Any decision to apply for the Bonds should be based solely on consideration of the updated offer document and the terms and conditions on ethex.org.uk.

Approved as a financial promotion by Bates Wells & Braithwaite London LLP, a firm authorised and regulated by the Financial Conduct Authority (registered FCA number 466148). All terms in this update which appear capitalised are defined in the updated offer document.

Update: 15/11/16

As of 31st October, Gawcott Fields Community Solar have extended their offer deadline to 31st December 2016 to enable more people to invest and give time for the bank loan process which they have been working on over the last few months with Santander. The good news is that they now have an offer of finance from Santander, conditional on the Bank’s remaining due diligence and documentation, for up to £3.04m. The offer is for a higher amount than was assumed when the bond offer was launched, enabling the Maximum raise to be reduced from £2 million to £1.12 million. Santander now need to complete their due diligence and loan contract process which is expected to take until the end of December. The bond offer will not be closed until the bank loan is ready for drawdown. Gawcott Fields Community Solar are also in discussions with junior lenders to help fund any gap between the funds raised from the bond offer and the Santander loan.

Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. As at 30 June 2016, the bank serves around 14 million active customers with c. 20,000 employees and operates through 847 branches (which includes 58 university branches) and 69 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.

Update: 27/06/2016

All 16,000 panels of Gawcotts Fields solar farm are now installed and on Friday 24th June the first electricity was exported to the local grid.

£418,55083%
Applied for to date, of
£500,000 target

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