Gower Regeneration - OFFER CLOSED

Share Offer

£300 minimum (£100 for residents of the City & County of Swansea)

Update 02/11/2017

Finalisation of share offer:

Ofgem have now confirmed that the Renewable Obligation Certificates (ROC) audit that was carried out is SATISFACTORY subject to the provision of extra information. This information needs to be provided to them by November 17th and until they have assessed it Ofgem cannot confirm how soon we can expect the site to receive its final ROC Accreditation.

As per the terms of the Share Offer document Gower Regeneration will only be able to issue share certificates once the final ROC Accreditation has been received. Realistically, Gower Regeneration now do not expect to receive Accreditation until the New Year. Whilst this delay is frustrating for all involved Gower Regeneration would like to emphasise that although there will be a delay in issuing share certificates it does not anticipate it will have an impact upon the planned date from which interest will accrue to shareholders, i.e. 1st January 2018.

The Share Offer will definitely be closing on Wednesday, 8th November. It has raised an amazing £774,000 and there are still shares available, so please do take the opportunity to mention the opportunity to a few friends and family, and if you are active on social media, please join us in the last surge retweeting, sharing etc.

Gower Regeneration apologise for the unavoidable delay issuing share certificates and intend to provide further project updates as news becomes available. It remains confident that the project will deliver the projected returns and levels of social impact anticipated.

Update 28/07/2017

Offer Extended:

Further to the successful extension of our share offer for two weeks, which enabled over £100k additional community shares to be sold, we are not yet able to draw down your investment from Ethex and issue Share Certificates as per one of the conditions set out on p14 of the Share Offer document:

• Confirmation from Ofgem that the project has been successfully registered for Renewable Obligation Certificates (ROC)

We are pleased to be able to confirm that the site is being audited by Ofgem on Thursday 3rd August, so we do not anticipate that their delay will prevent us from paying interest as per the schedule within the Offer. However, it does bring us to the conclusion that we should keep the Share Offer open until we have had the formal confirmation of accreditation. We are therefore extending the Offer until confirmation has been received, the Offer has been fully subscribed or the following date, whichever of these occurs the soonest: Wednesday 8th November.

Note: Ofgem have a large backlog of applications due to the closure of ROC regime and although have confirmed the reason for the delay, they cannot confirm how long the delay will be.

Update: 14/07/2017

Offer extended

Gower Regeneration have announced that despite reaching its minimum target of £500,000, due to popular demand the directors have decided to extend the Share for 2 more weeks until Friday 28th July at 4pm.

 An update on the project is as follows:

Site performance
The site is now outperforming its generation expectations. However, Gower Regeneration need to continue gathering data and review this over a longer period to confirm how much better it expects the site to perform over its lifetime.

Operations & Maintenance Contract
Gower Regeneration are proposing to appoint Silverstone Green Energy to maintain the solar farm in its first year of operation. They maintain over 600MWp of solar farms across the UK and were involved in the construction process. Their response times, quality of service and working knowledge of the site, give confidence that the site will be maintained to the highest standard.

Renewables Obligation Certificates
All documentation has been submitted to Ofgem. Gower Regeneration are still waiting for confirmation of accreditation. The society will provide a further update on this as soon as possible.

Construction Contract
Remedial works are still being negotiated and carried out before formal handover of the site and payment to the contractor. It has come to Gower Regeneration's attention that some members of the Lark group of businesses have gone into voluntary administration. Th society has been reassured by Lark Energy Generation Ltd, who Gower Regeneration are contracted with and who continue to trade, that this will not have any detrimental effect on the contract with them. This is a matter which Gower Regeneration are monitoring very closely and draw down of funds will be dependent on satisfactory completion of the contract, including receipt of all the necessary warranties.

Offer Closed

 As of the 8th November 2017

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