Community Share Offer
OUR FIRST SHARE ISSUE CLOSED 27TH MAY 2011
WE ARE NOW WORKING ON NEW PROJECTS
THIS IS INFORMATION ON OUR FIRST SHARE ISSUE:
OVESCO Limited invites you to invest in community-owned solar generation, in what is believed to be one of the first projects of its kind in the country.
This is an exciting and innovative opportunity to support local generation of green electricity. The project is designed and costed to be self-sustaining over its lifetime. The electricity generated will be fed into the National Grid and the exported electricity will be bought by Good Energy, which supplies 100% renewable electricity.
The main aim of the project is to provide benefits to the local community, understood as the population of Lewes District, by developing and increasing the services we have been offering over the last three years in partnership with Transition Town Lewes. We expect to be able to give you interest on your investment from the third year of operation and to return your money to you in full at the end of the project at the latest.
OVESCO Limited has received planning permission for the installation of a large photovoltaic system on the roof of Harveys warehouse in Davey's Lane, Lewes. The 544 photovoltaic (PV) panels will generate 92,000 kilowatt hours of green electricity each year – enough to save more than 40 tonnes of CO2 annually.
A launch event was held on Tuesday April 19th which was attended by 300 people. Directors were able to announce pledges of £170,000 and further pledges and payments were made. The capital cost of the project is £307,000 and investments of between £250 and £20,000 are accepted.
Interest will be paid via the new solar PV feed-in tariffs, which are guaranteed by the government for 25 years. Money invested will be repaid in full at the end of the 25 year scheme, or earlier at the request of the investor and subject to conditions. While the investment is held a dividend will be paid after the first year which we expect to be 4% if we can raise the full amount from investors; if we have to take out a commercial loan the return will be lower. The share offer document is available to view on this site and can be downloaded.
The UK's first community-owned solar power station
This is the first step of our long-term plan to make Lewes more energy resilient as energy prices rise in future decades. If you would like to support this scheme please fill in the form below.
The launch event was sponsored by
Read more about the share offer, click here to download the PDF