Power Up North London (PUNL) wants to raise £46,000 for the installation of 48kW of solar panels on the roof of Hampstead School in Camden.
We are selling shares to buy the solar panels to be installed, as well as to fund the display, project management and crowdfunding costs. We are grateful to the Greater London Authority for funding the feasibility costs of this project, and to Camden Council for their strong support with bringing this project to this stage. We also thank Transition Kentish Town for connecting us with Hampstead School and for all their efforts with raising the profile of this project.
By investing you become a shareholder (member) of our company, which is a community benefit society, and will become a co-owner of these solar panels.
Offer opens: 16/12/2019
Offer closes: 31/01/2020
Minimum investment: £250
Maximum investment £4,500
The minimum investment for families and carers with children at the school, as well as school staff, is £100.
Company Name: Power Up North London Limited
Company Type: Community Benefit Society
Registration Number:
7181Registered under Co-operative and Community Benefit Societies Act 2014
48 kWp Solar
This PV Solar Array will generate 43MWh of electricity annually, enough to power 13 average homes annually. Power Up North London has signed a contract with the Council to sell the energy from the panels at a 11% discount to that they pay to their mains suppliers.
Community Funds
In addition to the energy bill savings this project has been designed so the surplus funds generated will be retained for community benefit in the form of a community fund and used to deliver community projects
229 tonnes of CO2 avoided over 20 years
Energy is responsible for 60% of global CO2 emissions and we must reduce our carbon footprint to achieve a zero-carbon future. This project will displace fossil fuel energy and help lead the way to achieving this goal.
What would you have to invest in Hampstead School share offer to:
£250 - Offset the CO2 impact of drinking 34 bottles of wine every year
£500 - Offset the CO2 impact of drinking 370 lattes every year
£1000 - Offset the annual CO2 impact of driving 900 miles in a hybrid car
£1500 - Offset the annual CO2 impact of flying on a return short haul flight (London-Rome) in economy
£2500 - Offset the CO2 impact of 47% of electricity consumption in an average UK home
£3500 - Offset 30% of the annual CO2 impact of a non-vegetarian diet
£4500 - Offset the carbon impact of driving 4000 miles in a hybrid car
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Ian Grant
Ian is one of Power Up North London’s founding directors and has been an editor and writer on the environment and built environment for over 30 years. He has extensive experience managing small companies having founded two publications and is also a freelance consultant. |
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Joanna Macrae
Dr Joanna Macrae is passionate about tackling the climate and ecological crisis working internationally, nationally and locally. She is recognised internationally for her expertise in humanitarian policy, research and innovation management and has served in a variety of roles in government, the World Bank, NGOs and think tanks. Jo is an active member of Climate Emergency Camden. |
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Martin Narraway
Martin joined Power Up North London in 2016 to promote clean energy in Highgate and north London. He is a Chartered Engineer who brings technical knowhow to PUNL having spent the last 40 years developing technical projects for breweries and distilleries. |
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Tanuja Pandit
Tanuja joined Power Up North London in October 2017. She brings extensive experience in business and finance from the commercial, not-for-profit and charity sectors. Tanuja runs PUNL projects with colleagues and helps to develop our network of partners. |
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Ben Pearce (Chair)
Ben was a co-founder of Power Up North London in 2014 and has been Chair since 2018. He is the Head of Investment & Advisory at CAN Invest, managing social investment funds that providing consultancy to social enterprises and charities. He leads on PUNL’s business planning, utilising his skills to develop our impact-led strategy for growth. |
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Sara de la Serna
Sara has played an active part in Power Up North London since its inception in May 2014. Sara has been involved in projects in the energy and transport sectors giving advice to policy makers. She is committed to local renewable energy initiatives and enjoys the thrill of seeing the direct impact of her work through tangible outcomes. |
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Adam Spence
Adam joined Power Up North London in February 2015, wanting to support clean energy initiatives alongside a career in commercial investment management and fundraising. Adam is a Chartered Accountant and runs his own investment and advisory group, Edition Capital, along with three other colleagues. |
Our model for Hampstead School assumes we will pay 2% interest and a proportion of capital back every year. This means you will get your capital back sooner to invest in other things but it will also mean we will likely have little flexibility to allow investors to exit before the 20 years. Here is an example of what to expect if you invest £1000:
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The Directors believe that Power Up North London is a comparatively secure investment as our Power Purchase Agreement is tied into our licence with the School, meaning the School has committed to purchasing the electricity generated by the solar installation. In addition almost 30% of its income streams are from the Feed-in Tariff, a programme implemented and guaranteed by the UK Government for 20 years. Nonetheless as with any project there are inevitably a range of risks which you should consider and these are described in the Share Offer prospectus available on the Documents tab of this platform.
General Investment Risks
• The value of shares can fluctuate with the value of the underlying business.
• Offer Shares will not be transferable or traded on any stock exchange.
• Members wishing to withdraw their share capital will be able to apply to the Board for this purpose at any time, however, withdrawal of share capital is at the discretion of the Board.
Renewable Energy Industry Risks
Policy
The UK electricity industry and Government policy for renewables are predicted to change. However, many of the government policy changes that could negatively impact on the industry have already occurred, namely the removal of the FIT subsidy, the increase in business rates for solar PV and the removal of tax benefits for investment. While this project will attract the FIT over 20 years and there is no precedent for it being withdrawn retrospectively.
Technical
Income is impacted by lower electricity output from unexpected weather patterns or underperformance of the solar panels. Short-term weather conditions could affect expected levels of generation, but long-term patterns outside anticipated parameters are considered unlikely especially with global warming By diversifying the number and type of renewable energy projects that PUNL undertakes we will reduce the impact of such variations.
Risks specific to the society/project
Financial
The sale of energy to the site may be higher or lower than forecast. Higher sales will increase the benefits to all parties. Lower sales could result in lower returns but we will have the offsetting effect of our other two projects.
The shares are illiquid and the Board of Directors may not feel in a position to allow withdrawal when you request it. We expect that share withdrawals will be gradual and we have provided for regular annual capital returns to shareholders in our financial modelling.
Retail and energy price inflation may be higher or lower than the forecast of 3% used in the financial model. Lower inflation could reduce income from the FIT and export tariffs that are index-linked. We expect to see some offsets from lower running costs as these are also inflation-linked.
Operational
We have had the School roofs professionally inspected and they are suitable for installation of the solar panels. Temporary interruptions to electricity generation because of roof repairs or maintenance works required may result in reduced Member returns. However, any short-term interruptions should not materially affect our overall returns, particularly as we have income protections built into our licence agreement with the school.
Operational costs for insurance, administration, service and maintenance may increase over the life of the project by more than the amounts assumed. As PUNL invests in more projects we expect the operating costs to reduce due to economies of scale and greater buying power.
Termination
Please note that, in accordance with typical licensing arrangements, termination provisions will apply. Should the School exercise such an option, they would buy the installation at a market rate and you would receive payment for any outstanding shares you retain from this offer at that point in time.
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Here is a video on one of our previous projects:
If you have any questions about any aspect of this share offer please email us
at: Powerupnorthlondon@gmail.com
Hampstead School Solar FAQsGeneral FAQsPower Up North London is a community business that emerged from the Transition Town movement and was set up in July 2015. Our vision is that Camden and Islington become zero carbon boroughs, driven in part by a resilient, independent and collaborative community of local residents harnessing clean energy. We do this by empowering North London residents through ownership of clean energy generation.
Power Up North London is constituted as a Community Benefit Society, meaning our activities must aim to benefit our community as a whole, not just those who chose to invest in our shares. Although a community benefit society has the power to pay interest on members’ share capital, it cannot distribute surpluses to members in the form of dividends.
The feasibility costs of this project have been funded by the Greater London Authority through their London Community Energy Fund.
• The installation of solar panels will benefit the School through lower consumption of fossil fuel energy, reduced carbon emissions and lower energy bills. We estimate annual carbon savings of 11 tonnes which is equivalent to the carbon sequestered by 4.5 acres of new forest.
• The project will create a community asset that can be used to educate members of the school community on the benefits of renewable energy. We will have an electronic display board to show how much solar electricity has been generated and used by the School.
• It will also generate a small surplus to go towards a PUNL Community Energy Fund that will be used to invest in other community renewables projects.
The community share funds pay for the solar panels and their installation. As a shareholder you would receive an annual return on your investment. Community share offers across the country have raised millions of pounds that has paid for the installation of solar panels and wind farms.
Finance FAQsIncome comes from the sale of electricity to the School, and the Feed-in tariff a government subsidy for generating renewable electricity.
Costs involved include:
• Meeting ongoing maintenance costs such as insurance, electricity meter operations and equipment replacement;
• Administrative costs related to shareholders, organizing Annual General Meetings, communications with stakeholders and the community.
• Providing an annual return to shareholders (to be decided by the board of Directors of Power Up North London and agreed at the AGM)
• Surplus income generated will be ring-fenced for the Community Fund.
As a Community Benefit Society, Power Up North London and its members will own the panels. Community benefit societies are based on democratic principles of ‘one member one vote’ where each member has one vote no matter how much you invest.
All investors of Power Up North London automatically become members of the Society, but you can also become a member with a £1 membership which will give you the same power as an investor. This is to ensure everyone can participate.
Once a year the Society will hold its Annual General Meeting at which members will decide how to spend the annual income and allocate the profits. This has to be in line with Society’s objectives detailed earlier.
Shares FAQsCommunity shares are ‘withdrawable shares’ which can only be issued by co-operatives or community benefit societies. Co-operative societies are for the mutual benefit of their members, whereas community benefit societies are for the broader benefit of the whole community. A withdrawable share can be withdrawn from investment, subject to the terms and conditions of the Society concerned.
If you want to learn more visit the Community Shares Company
website.No. Every year, the members will receive their interest and be asked if they would like to withdraw their shares. Members’ share capital will be repaid every year over the 20-year period subject to financial performance and available funds.
You will receive your share interest and capital repayment every year through your bank account. You can choose to donate your capital or interest to the PUNL Community Fund if you wish to do so.
Power Up North London relies on the majority of our investors keeping their share in the project for 20 years. Capital is expected to be returned to investors over time (@ 5% a year). Earlier full withdrawals of capital may be requested but it will be at the Board’s discretion whether to approve these requests, based on the financial performance of the Society.
Risks FAQsThe sale of community shares is not regulated by the Financial Conduct Authority, because investors are deemed to be investing for social returns, not financial gain. This is good news for community ventures, which would otherwise face prohibitively expensive regulations when marketing community shares. But it comes at a cost to community investors, who have no right of complaint to the Financial Ombudsman Service and cannot apply to the Financial Services Compensation Scheme.
Community shares are more risky than keeping your money in a savings account with a bank or building society, but we believe Power Up North London is a relatively secure investment as 39% of its income streams are derived from the Feed-in Tariff, a programme implemented and guaranteed by the UK Government for 20 years. Nonetheless as with any project there are inevitably a range of risks which you should consider.
We estimate that the project will provide an expected 2% average annual interest to shareholders over its lifetime, but this return on investment is not guaranteed. The payment of interest in each year is subject to approval by the Directors. The Directors may decide not to provide a return in a particular year to allow PUNL to strengthen its finances before distributions to investors and the community fund are made.
Technical FAQsYes! If there is enough sun to grow vegetables, there is enough to make solar energy. Previous PUNL projects like St Anne’s and Caversham Group Practice have successfully generated their own electricity and solar power is becoming increasingly popular across the country.
Panels will potentially last several decades. The panels lose 0.5% efficiency per year – so they will still be at least 90% efficient after 20 years when the project comes to an end. At the end of the 20-year project the ownership of the panels will transfer from Power Up North London to the School. They can remain on the roof and keep generating electricity for free to the School.
Power Up North London will be responsible for the operations and maintenance of the solar panels. The solar panels are relatively maintenance free. Provision for any maintenance and insurance is included within PUNL’s financial model.
Panels have built-in monitoring equipment that greatly reduces the need for access. We will have remote monitoring of the panels to ensure that they are all in working order. No other regular maintenance is expected to be required. Access will only be required in the unlikely event of a malfunction.
Panels typically come with a 10-year warranty and will be insured by Power Up North London so any costs can be recovered.
CoEnergy is the software that Power Up North London is using to raise community funds for this project.