What does the company do?
Swindon Chapel Farm Solar is the company set up by Swindon Borough Council to own and manage a 5MW, ground mounted solar PV installation at Chapel Farm. The solar PV system is part of Swindon Borough Council’s aim to generate enough renewable energy to cover the amount used by local residents.
The company earns revenue from selling the electricity generated on the wholesale market, as well as through Renewables Obligation Certificates (ROCs). The Renewable Obligation (RO) is a government scheme (now closed to new entrants) to incentivise UK electricity suppliers to source an increasing proportion of the electricity they supply from renewable sources. Ofgem issue ROCs to accredited renewable generators, which are then used by electricity suppliers who present them to Ofgem on an annual basis to demonstrate that they are satisfying their obligations. Swindon Chapel Farm Solar’s installation receives 1.2 ROCs per MWh as a solar PV installation less than or equal to 5MW. Ofgem sets a buy-out price for the Renewable Obligation Certificates, which rises each year with the RPI.
Why did the company raise money?
The company raised money through this investment together with a £3,000,000 loan from Swindon Borough Council to fund the installation of the 5MW solar PV system at the ex-landfill Chapel Farm site which was connected to the grid in March 2017. The loan from the council is subordinate to the investment on Abundance.
How does the company expect to repay the investment?
The company expects to repay investors from revenues it earns over the life of the investment from the generation and sale of electricity from its solar PV system.
How is the company making an impact?
Aside from generating enough renewable electricity to supply the equivalent of 1,200 homes, the Chapel Farm solar project is a biodiversity hotspot on an ex-landfill site. It is a project that helps create a cleaner, greener Swindon while supporting local community initiatives and providing a stable income for the Council.
Key terms
The interest and capital is paid in equal instalments every 6 months over the life of the investment.
The company can only make an early repayment of the investment in certain circumstances, such as a change of control of the company (for example, if some or all of the company was sold to a new owner) or a regulatory/tax requirement.
See the Debenture Deed for details of all circumstances in which the option for early repayment may be exercised.Documents
Payment schedule
This table gives a breakdown of what is due to be paid back on this investment, based on an example investment of £1,000.
| Payment date | Capital repayment | Interest | Total |
|---|---|---|---|
| 8 December 2017 | £25.00 | £18.45 | £43.45 |
| 8 June 2018 | £25.00 | £18.45 | £43.45 |
| 7 December 2018 | £25.00 | £18.45 | £43.45 |
| 7 June 2019 | £25.00 | £18.45 | £43.45 |
| 9 December 2019 | £25.00 | £18.45 | £43.45 |
| 9 June 2020 | £25.00 | £18.45 | £43.45 |
| 9 December 2020 | £25.00 | £18.45 | £43.45 |
| 9 June 2021 | £25.00 | £18.45 | £43.45 |
| 9 December 2021 | £25.00 | £18.45 | £43.45 |
| 9 June 2022 | £25.00 | £18.45 | £43.45 |
| 9 December 2022 | £25.00 | £18.45 | £43.45 |
| 9 June 2023 | £25.00 | £18.45 | £43.45 |
| 8 December 2023 | £25.00 | £18.45 | £43.45 |
| 7 June 2024 | £25.00 | £18.45 | £43.45 |
| 9 December 2024 | £25.00 | £18.45 | £43.45 |
| 9 June 2025 | £25.00 | £18.45 | £43.45 |
| 9 December 2025 | £25.00 | £18.45 | £43.45 |
| 9 June 2026 | £25.00 | £18.45 | £43.45 |
| 9 December 2026 | £25.00 | £18.45 | £43.45 |
| 9 June 2027 | £25.00 | £18.45 | £43.45 |
| 9 December 2027 | £25.00 | £18.45 | £43.45 |
| 9 June 2028 | £25.00 | £18.45 | £43.45 |
| 8 December 2028 | £25.00 | £18.45 | £43.45 |
| 8 June 2029 | £25.00 | £18.45 | £43.45 |
| 7 December 2029 | £25.00 | £18.45 | £43.45 |
| 7 June 2030 | £25.00 | £18.45 | £43.45 |
| 9 December 2030 | £25.00 | £18.45 | £43.45 |
| 9 June 2031 | £25.00 | £18.45 | £43.45 |
| 9 December 2031 | £25.00 | £18.45 | £43.45 |
| 9 June 2032 | £25.00 | £18.45 | £43.45 |
| 9 December 2032 | £25.00 | £18.45 | £43.45 |
| 9 June 2033 | £25.00 | £18.45 | £43.45 |
| 9 December 2033 | £25.00 | £18.45 | £43.45 |
| 9 June 2034 | £25.00 | £18.45 | £43.45 |
| 8 December 2034 | £25.00 | £18.45 | £43.45 |
| 8 June 2035 | £25.00 | £18.45 | £43.45 |
| 7 December 2035 | £25.00 | £18.45 | £43.45 |
| 9 June 2036 | £25.00 | £18.45 | £43.45 |
| 9 December 2036 | £25.00 | £18.45 | £43.45 |
| 9 June 2037 | £25.00 | £18.45 | £43.45 |
| Total | £1,000.00 | £738.00 | £1,738.00 |