09 March 2018
Mendip Renewables is a community benefit society that owns and operates the 5 MW Whitelake Solar farm in Somerset. The solar farm, which is located on low grade agricultural land used for sheep grazing, has generated 10,000 MWh of renewable energy since it became operational in December 2015.
As a community benefit society, Mendip Renewables will facilitate the distribution of profits to charitable organisations in Somerset through a community benefit fund. The first charity to benefit will be Key4Life which delivers rehabilitation programmes for young offenders and those at risk of going to prison.
Eva Hamilton MBE, Founder and CEO of Key4Life, said: "Since launching Key4Life five years ago in Somerset, it has become one of the most exciting and life-changing charities working with young offenders and those at risk of offending. Our aim is to continue to help to turn around the lives of some of the most disaffected young men across Somerset, while making our communities safer. Our last preventative programme saw 73% of participants in sustained employment and meaningful occupation and this bond will unlock vital funds for a further preventative programme in 2018."
Jonathan Thompson of Green Nation said: "The solar farm has been one of our most successful to date, and we intend to keep it that way. We’re particularly proud of our role in creating this project that generates thousands of megawatts of clean power every year, and will fund training for young people in Somerset to turn their lives around."
The money raised through this bond offer will enable Mendip Renewables to repay existing loans which were taken out in 2015 to build the solar farm. The project has been fully accredited by the government's Feed-in-Tariff scheme which guarantees a fixed price (rising with inflation each year) for the electricity generated by Mendip Renewables for 20 years.
The solar farm is expected to generate 5,000 MWh of electricity a year, which is enough to power the equivalent of around 1,290 homes and it is anticipated that around £1.4 million will be contributed to the community benefit fund over the 25-year life of the project.
The bonds will pay interest of 5% per annum, rising annually with RPI. For example, if inflation in 2018 were 10%, the interest rate in 2019 would be 5.5%. The bonds will have a term of up to 17 years, and the Directors are investigating how to facilitate trading for those who want to exit sooner.
The bond offer is promoted by Triodos, an international ethical bank with considerable experience in renewable energy and community enterprises. Their Bristol based team has developed the offer with Green Nation, who will continue to manage the solar farm after the offer completes.
Mendip Renewables bonds can be held directly in a Triodos Innovative Finance ISA (IFISA). Individual Savings Accounts (ISAs) offer investors and savers a tax efficient way to save or invest. The IFISA is a type of ISA that allows you to include investments that have been made via crowdfunded offers and you receive interest tax-free. As with all ISAs, there are eligibility requirements for the IFISA.
https://www.triodoscrowdfunding.co.uk/invest/mendip-renewables or contact Green Nation at firstname.lastname@example.org
Investment decisions must only be made on the basis of the offer document and not on any information provided in this summary. Investing in the bonds is not the same as depositing money in a bank account as your capital is at risk and you may not get back the full amount that you invested. If you are unsure as to the suitability of the investment, you should contact an independent financial advisor. An investment in the bonds is not covered by the Financial Services Compensation Scheme.
This financial promotion has been issued and approved by the UK division of Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales BR3012). Authorised by the Dutch Central Bank and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Registered office: Triodos Bank, Deanery Road, Bristol, BS1 5AS.