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Brighton Energy Co-op Annual General Meeting - Summary and Future Projects

Join us for an overview of our past year's financials, election of directors, new projects underway, and investor benefits. Discussing future solar PV opportunities, community involvement, and plans for a return to investors by the third year.

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Brighton Energy Co-op Annual General Meeting - Summary and Future Projects

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  1. Brighton Energy Co-op Annual General Meeting 26th Oct 2012

  2. Jan 2011 - Pioneer share offer: raised 18k from 7 locals Sept – Nov 2011 - Develop Main share offer - share offer cancelled! January – March 2012 - LEAF – 50 Energy efficiency surveys May – July 2012 - Launch main share offer & install 134kwp solar

  3. Filed Accounts for Year Ending 31 March 2012 Current position Assets: £44k - capitalised start up costs for solar installation. Profit & Loss: minus £25k. However, the directors gave back £35k of shares so... Retained profit at end of year was £10,797 (value in the business)

  4. Electing Directors Current: Damian Tow - Company Secretary Will Cottrell – Chairman Ross Gilbert Resigning Directors: All of the above; all have come forward for re-election & no alternative nominations have come forward Confirm re-election of above directors?

  5. New Projects 89kwp at Shoreham Port35kwp at City Coast Church10kwp at St George's Church Equity raised: - 160k- 4% of equity payable back each year- 4% dividend starting year 3 Debt: - 50k- 4% interest- 20% capital payback over 5 years 920 month

  6. BEC operations Income: - FIT (linked to RPI)- Electricity revenue- selling surplus to grid Outoings: - Operation & maintenance- ongoing project development- dividends- withdrawable shares

  7. Investor benefits Financial: - expect to deliver 4% return to members, starting year 3- EIS tax relief: 30% (shares held for 3 years, min £500)

  8. Overview Total BEC output (mid September) Hove Enterprise Centre 28267kwh St George's Church 2191kwh City Coast Church 11271kwh Broadly our systems have earned around £7k as of mid Sept

  9. New Projects Current cash position from PV projects allows 25k for future for project development, notably: Developing Anaerobic Digestor feasibility Investigating new opportunities for solar PV: Shoreham, Council Pilot small wind turbine in planning Discussion with EON about community involvement with Rampion We are on track to pay a return to investors in the third year.

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