Investment needed
We need to raise £307,000 for the project to go ahead. If we raise more than this sum from community investment we will ask those whose payments arrive at the Ovesco office after that sum has been raised whether we can use their money to fund additional activities including finding further sites suitable for renewable energy projects and developing and managing such projects for community benefit. Alternatively, we will return the money to you if you tell us that you would prefer that.
The money invested will be used to pay for the installation of the PV roof and associated costs, including contracts, management costs and insurance.
The income will be used for four primary purposes:
• to provide advice and assistance to the local community on reducing energy bills and understanding how they can make use of available methods of generating energy, and a fund to help people take action on energy use
• to pay interest to members (starting in the third year of operation)
• to accumulate a fund for future repayment of members’ outstanding money in full, and
• to cover the cost of administering the project.
New local energy generation projects may be sought and undertaken under this offer document if in the future funds allow and with the agreement of members.
A detailed financial spreadsheet has been prepared by Ovesco Limited’s accountant. It demonstrates the viability of the project and an increasing income over time to spend on community benefits and exploration of new generating opportunities.
This spreadsheet can be viewed on Ovesco Limited’s website www.ovesco.co.uk.
We are working to ensure that the shares are eligible for Enterprise Investment Scheme (EIS) tax relief, which allows investors who do not withdraw their investment for three years from the start of trading to set up to 30% of their investment above £500 against income tax liability. We will keep you informed of progress. EIS also has capital gains possibilities. EIS is arranged between the investor and HMRC. We cannot guarantee your individual entitlement to EIS tax relief because tax rules are complex and ever-changing. If you are unsure, please seek professional advice.
Read about the share offer, click here to download the PDF 
Click here to download the application form