Author Topic: Solar Farm proposal for Watchfield  (Read 10582 times)

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Offline Muggins

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Re: Solar Farm proposal for Watchfield
« Reply #20 on: July 03, 2012, 08:47:39 AM »
Because you want to see it keep running? It's that old 'plenty of capital about to start something, but nothing to keep it goign until its in profit.

I take it that Adam did a bit of a PFI on it, and now wants to buy that out. 

So surely your investment should be safer? Well, that is if lot's of people invest in it and he can 1. pay it off.  2. buy it outright.

You could take the attitude, I helped set it up, other can help keep it going.
Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

Offline Jean

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Re: Solar Farm proposal for Watchfield
« Reply #21 on: July 03, 2012, 02:48:55 PM »
I'm in the same position as Simon (they can't touch you for it!). Adam et al had to take out some ridiculous loan to get the solar units installed in time to meet the Government deadline to take advantage of the tarrif changes. Like Simon I also have shares in the Westmill windcluster and did it for the same reason. I've never bought a share in anything else in my life.

I will invest in some shares in the solar units as:

a) it is a community owned venture on my doorstep
b) I totally support this type of renewable energy production
c) I can't put solar units on my own house (won't bore you with the reasons why)
d) I totally respect what Adam Twine has done - he's not in it for the money either.

I would urge others to do the same.   
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Offline Muggins

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Re: Solar Farm proposal for Watchfield
« Reply #22 on: July 03, 2012, 03:28:13 PM »
I would if I had that much spare - the heart is willing the purse is weak!   :hippy:
Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

Offline Simon

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Re: Solar Farm proposal for Watchfield
« Reply #23 on: July 03, 2012, 10:58:59 PM »
Thank you Jean and Muggins. I thought it likely that people wiser than me would share their views, and I was right  O0

Because you want to see it keep running? It's that old 'plenty of capital about to start something, but nothing to keep it goign until its in profit.

I take it that Adam did a bit of a PFI on it, and now wants to buy that out. 

I'm in the same position as Simon (they can't touch you for it!). Adam et al had to take out some ridiculous loan to get the solar units installed in time to meet the Government deadline to take advantage of the tarrif changes. Like Simon I also have shares in the Westmill windcluster and did it for the same reason. I've never bought a share in anything else in my life.

I will invest in some shares in the solar units as:

a) it is a community owned venture on my doorstep
b) I totally support this type of renewable energy production
c) I can't put solar units on my own house (won't bore you with the reasons why)
d) I totally respect what Adam Twine has done - he's not in it for the money either.

I would urge others to do the same.   

So, reading between the lines (both here and in the offer document), the Westmill people would have liked to have put out a share offer and then used that capital to make a community-owned solar farm happen, only the government pulled the metaphorical rug out from under their metaphorical feet by changing the rules for the feed in tariff?

So the Westmill people got someone else to get it built in time to qualify for the feed-in tariff which existed prior to the rule change?

And now they're issuing shares so that the Westmill co-operative (that'll be those of us who buy shares then) can buy everything that it should own, which it doesn't currently own as a result of the rule change and subsequent actions?

So we're being asked to buy shares which we would have been asked to buy anyway, had the government not wrong-footed the project and forced them to seek a different, and quicker, funding model?

I'm leaning towards buying some. Thank you Jean and Muggins for your contributions  O0
We are all in this together, but some of us are more in it than others (with apologies to George Orwell)

Offline Muggins

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Re: Solar Farm proposal for Watchfield
« Reply #24 on: July 04, 2012, 09:11:33 AM »
To be honest Simon, I don't know enough about the set up, but Jean does.

Having said that if I had enough cash to cover my old age and some slight surplus, I would be purchasing some shares for my two grandchildren.  Not only as an investment, but to show I was interested in the farm and hope that by so doing they also would show a bit of interest in it too, if that makes sense. 

To children, things they learn in school and no doubt they are learning about 'green' stuff* in school still, that will, in my opinion deaden the reality of it all for them, so when they get through their later junior years with all the footie, wall climbing, skating, sking, parties and holidays and then through their teens, they might come out the other side with something resembling a social conscience. A few hundred shares in something would sharpen their awareness. You may not have this problem/joy though!

Wonder if anyone remembers the event we held in one of the schools, more years ago than I can remember when a few of us greenies and a few community development officers (remember them) and as you know I have one foot in both camps, held an 'Earth Day' or some such.  Was it at the start of the AGenda 21 stuff? One of the teachers said the children were not interested, they had had green issues thrust at them all the time. I actually think that meant 'SHE' was fed up with it, so she wasn't going to be enthusiastically teaching/informing  them about anything, was she?

Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

Offline Terry Reynolds

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Re: Solar Farm proposal for Watchfield
« Reply #25 on: July 04, 2012, 01:25:41 PM »
Jean, can you say, what kind of return you would get for say an investment of £2000?.. :wink:

Offline Jean

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Re: Solar Farm proposal for Watchfield
« Reply #26 on: July 04, 2012, 03:29:26 PM »
Jean, can you say, what kind of return you would get for say an investment of £2000?.. :wink:

Despite what Muggins said, I don't know a great deal but I found this in their latest brochure if it is any help:

Quote
Westmill Solar Co-operative Limited
Illustrative returns
In our Base Case detailed further from page 18, the Board estimates that
the illustrative Internal Rate of Return to Members over the Project Life is
9 to 11%. The illustrative returns are lower in the early years of the
Project Life and increase over time until the end of the Project Life.
The Shares should therefore be seen as a long-term investment.

The units have been place for a year now and the energy production was higher than predicted. There's a table with the following info:

Quote
Average Annual Return
2012-20 - 9%
2020-28 - 22%
2028- 36 - 43%

A total average of 9-11% looks amazing compared to the interest rate in banks! However, I'm not going to live that long!!!
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Offline Muggins

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Re: Solar Farm proposal for Watchfield
« Reply #27 on: July 04, 2012, 04:17:34 PM »
No, me neither, but God willing I hope my grandchildren will, have to start saving!  Make a good 18th birthday present. Damn site more worthwhile than the chips of Tanzanite and Jade I have stached away for them.
Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

Offline Jean

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Re: Solar Farm proposal for Watchfield
« Reply #28 on: July 04, 2012, 06:41:50 PM »
There's an article about it in today's Adver:

http://www.swindonadvertiser.co.uk/news/9798398.Minister_set_to_join_the_solar_investors/
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Offline Simon

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Re: Solar Farm proposal for Watchfield
« Reply #29 on: July 10, 2012, 10:05:38 PM »
I put my application for some shares in at the weekend, and today I've received an email confirming that my payment has been received and my application is complete.  :banana:

Now begins a few weeks of nervously waiting to see whether the share offer raises enough capital to allow the Westmill people to pay off the original loan. Fingers crossed.
We are all in this together, but some of us are more in it than others (with apologies to George Orwell)

Offline Muggins

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Re: Solar Farm proposal for Watchfield
« Reply #30 on: July 11, 2012, 09:22:18 AM »
Well done Simon, I'm still torn between that or investing some of my money in the Credit Union.
Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

Offline Alex

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Re: Solar Farm proposal for Watchfield
« Reply #31 on: July 11, 2012, 01:17:32 PM »
I was gratified to see that the Wind Fund investment I made 20 years or so ago finally paid a dividend after  issuing a rights issue which I took up. Nice to see that these ethical investments- small though they may be- are doing as well as or better than the unethical ones.  :)

Offline Simon

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Re: Solar Farm proposal for Watchfield
« Reply #32 on: July 19, 2012, 05:45:17 PM »
Got another email today

Quote
Firstly, thanks again for applying for membership of Westmill Solar Cooperative and the purchase of shares. As a prospective member, you are making a huge contribution to our vision to create the UK's first, and what we believe will be the world's largest, community-owned solar park.

We wanted to make sure you were the first to be aware of the good news that we have now passed £2.5 million in share applications from nearly 700 people. This is the 'Minimum Equity Investment’ as defined in our Offer Document, although we are still aiming confidently for the full £4 million. This means the Offer cannot now fail through under-subscription and we are tremendously grateful to all those who have applied.

We are also confirming that we will not close the share offer early (before the 31st July), partly because of the problems some Natwest and RBS customers have encountered in the past few weeks.

Therefore if you know of friends or family keen to invest please reassure them they still have time (though less than two weeks), and refer them to our website. The same applies if you want to join those who have s_ubmitted supplementary applications (up to £20,000 overall maximum per member).

The Board is now able to move forward with our plans to negotiate the debt funding, complete the purchase, and appoint contractors to manage our assets and to administer the Co-op. Several prospective members have kindly offered support. If others have expertise related to these aspects, or otherwise, we’d love to hear from you.

Once again thank you for applying for membership of Westmill Solar Cooperative, your involvement is hugely appreciated and we will update you again after the Offer closes.

With many thanks and kind regards

Philip Wolfe

Chairman - Westmill Solar Co-operative Limited

 :banana:
We are all in this together, but some of us are more in it than others (with apologies to George Orwell)

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Re: Solar Farm proposal for Watchfield
« Reply #33 on: July 19, 2012, 06:22:53 PM »
I was gratified to see that the Wind Fund investment I made 20 years or so ago finally paid a dividend after  issuing a rights issue which I took up. Nice to see that these ethical investments- small though they may be- are doing as well as or better than the unethical ones.  :)

I would be extremely worried if the two were connected.

Offline itspavagain

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Re: Solar Farm proposal for Watchfield
« Reply #34 on: July 24, 2012, 10:54:31 AM »
I read the prospectus for this and if anything it appeared a little bit too good to be true. And you know what they say about that.

Either way I notice they are very close to their goal and I hope it works out well. I enjoy the sight of the turbines as you travel along the A420 and hopefully if these types of schemes are profitable it will encourage more people to invest in them.

Offline Jean

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Re: Solar Farm proposal for Watchfield
« Reply #35 on: July 24, 2012, 01:28:08 PM »
The Adver has provided an update

http://www.swindonadvertiser.co.uk/news/9832782.Solar_farm_share_deal___s_set_for_record_breaking_success/

Quote
With only nine days to go until the share offer closes, Westmill Solar Co-operative has received almost 800 applications for membership, raising over £3.5m.


That is pretty amazing! I hope that all TSers have joined the scheme. If not, you've got until 31 July.

Please support the scheme.
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Offline I Could Do That

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Re: Solar Farm proposal for Watchfield
« Reply #36 on: July 24, 2012, 01:50:02 PM »
Applied for my shares this morning.

I've been pondering on it for a while because I still want to move out of Swindon, but always good to invest for the future  O0
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Offline Jean

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Re: Solar Farm proposal for Watchfield
« Reply #37 on: August 01, 2012, 08:01:38 AM »
Good news!

Quote
From: Westmill Solar Co-operative
Sent: Wednesday, August 01, 2012 7:32 AM
To: Jean Saunders
Subject: Westmill Solar public offer closes - a huge success

Dear Mrs. Jean Saunders,

Many thanks for applying for membership of Westmill Solar Co-operative .

I can now confirm that when the offer closed at midnight last night we had received more than 1,600 applications. We are delighted with the strength of the response – we received over 250 applications in the last two days alone! Much of the enthusiasm has been generated by our future members, so many thanks again for your support.

It is clear that the offer will be fully subscribed with a very comfortable margin of safety. It will take us a few days to evaluate the final numbers, because some payments are still in the banking system and others have yet to be matched to applications.

Once we have had time to reconcile all the figures, we intend to revert to you next week with further details. We should be able to reconfirm at that time how many shares you have applied for, and also hope to advise which applicants will not have their applications scaled back. We anticipate that it will take until later in the month, however, before we are able to provide further information on subscriptions which are to be scaled back.

We are also aiming to be in a position to provide an update about the debt finance at the same time.

With many thanks and kind regards,

Philip Wolfe

Chairman - Westmill Solar Co-operative Limited

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