Project Update - Anna Francis

FRECo’s AGM 2016 Overview and update on projects – Anna Francis Financial update including interest and EIS – Peter Andrews Future projects – Alison Turnbull Q&A Drinks Finish by 8.30

A financially sustainable, community-owned energy co-op that will deliver: renewable energy energy efficiency energy supply services 2020 goal: £10m invested; 8 MW; sustainable enterprise; av. £150k/yr into community fund over 20 years Our Vision

Why FRECo? We are a Community Benefit Society which means: Our profits are a)Used to pay member’s interest b)Used to grow the business c)Paid into a Community Fund Democratic Ownership a)One vote per member b)Maximum of 100,000 shares c)Shares are not transferable

Our partners £8 million raised through community shares, 6MW of solar £40m assets, 34MW of generating capacity

Management and Governance Development Team Founder Directors

Management and Governance Development Team Non-Exec Directors

Frome Medical Practice 150kw of solar pv 130,000 kWh / yr Saves 1,500 tonnes CO 2 over 25 yrs £220,000 for community fund

Frome Town Football Club FRECo part financed new stand through community fund 50kw of solar pv 45,500 kWh / yr Saves 500 tonnes CO 2 over 25 yrs

Other projects

The Future - Mongoose Energy Supply In full preparation mode to launch a supply business Estimated launch late 2016 Working closely with the community groups to develop a simple, transparent and fair proposition Majority of benefits to community

Finance - Peter Andrews

FRECo Summary of Accounts 14/15

FRECo Cash Flow

FRECo interest payment %

1st Interest Payments July 2016 y/e 1 September 2014 y/e 1 September 2015 Shares issued 1 June 2015 Interest Period Interest Paid July Accounted for in your 16/17 tax return FRECo AGM

Enterprise Initiative Scheme (EIS) - 30% of investment can be claimed against income tax (assuming you have paid enough tax) - Claimed in the tax year in which the shares were issued or can be carried back one year y/e April 2015y/e April 2016 Shares issued 1 June 2015 EIS Claimed for the period 15/16 or carried back to 14/15 EIS 3 Certificates issued June/July 2106?? FRECo AGM 1 May - EIS 1 applied for

Future Projects - Alison Turnbull

Deployment caps introduced to limit FIT impact on consumer bills Pre-registration for micro-generation (<50kW DNC) continues Tariff guarantee NOT re-introduced Preliminary accreditation re-introduced for ROO-FIT installations (>50kW TIC) Public grants preclude FIT eligibility Energy efficiency relaxation continues Community FIT Position

Where Next for PV >50kW <250kW FIT 2.38p/kWh until 30 June 2016; then 2.32p/kWh until 30 September Still viable if all installation costs <£1k/kW On site consumption 75% at minimum tariff 9p/kWh For 100 kW maximum member return 4.7% and community fund £1k over 20 years For 200 kW maximum member return 5.3% and community fund £7k over 20 years

What We Need Owner-occupier buildings Legals straightforward South-facing, preferably sloping, new-ish roofs of 2,500m sq High on-site demand Grid capacity Community-minded

Where Next for Hydro <100kW FIT 7.68p/kWh until 30 June 2016; then 7.66p/kWh until 30 September Financial viability dependent upon site- specific installation costs: capital, civils, access track Technical viability dependent upon abstraction rate, height of head of water – 2.0m ideal, 1.75m acceptable Regulatory viability dependent upon EA licence approval

Where Next for Wind FIT still available until 31 March 2019 Financial viability dependent upon site- specific installation costs: capital, civils, access track Technical viability dependent upon wind speed, grid connection Regulatory viability dependent upon planning permission Public acceptability