Shared Ownership Peter Capener Chair of Bath & West Community Energy Community Energy Conference September 2015
Dec 13, 2015
Shared Ownership
Peter CapenerChair of Bath & West Community Energy
Community Energy Conference
September 2015
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As a community enterprise, we:
• Develop, finance and procure installation of our own community projects
• Did work with other community enterprises under contract
• Have now set up Mongoose Energy, an independent development coop, to take on and expand this work nationally
Bath & West Community Energy
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BWCE: Over £10 million raised plus debt - 6MW of solar PV commissioned, 5MW financed
Target interest paid for four years & community benefit fund launched
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• Shared Ownership Taskforce -Commitment from the Community Energy Strategy
• Government trying a voluntary approach first
• Taskforce report sets out some principles and suggested approaches:• Split ownership• Joint Venture• Shared revenue
• ‘Split Ownership’ was the preferred option from a community perspective, but in the future….?
Community ‘buy in’ to commercial projects
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9.1MW Split Ownership Project• 5MW community owned by WWCE
via wholly owned CIC subsidiary• BWCE and Mongoose Energy
secured project rights from developer and secured finance and grid sharing agreement
• Capex £10 million: £3m share offer, £2.7m loan, £4.3m commercial partner
• 1 connection split by contract – 2 projects with 1 MPAN
• Same EPC & O&M contractor but separate contracts
• Recently reached financial close, on site, commissioned December 2015
Braydon Manor, Wiltshire
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Need to increase viability for future projects• Significantly curtailed due to FIT
cuts in short to medium term – but in 2 years?
• Need to pursue other options to develop community energy model
• Community buy in to existing renewables projects?
• No tax relief if project already operating - but broadens viable shared ownership model options to include Joint Ventures
• Energy supply – increasing value for generation projects
• Storage – maximising supply at peak times
The Future…..