Shared Ownership Peter Capener Chair of Bath & West Community Energy Community Energy Conference September 2015

2 As a community enterprise, we: Develop, finance and procure installation of our own community projects Did work with other community enterprises under contract Have now set up Mongoose Energy, an independent development coop, to take on and expand this work nationally Bath & West Community Energy

3 BWCE: Over £10 million raised plus debt - 6MW of solar PV commissioned, 5MW financed Target interest paid for four years & community benefit fund launched

4 Shared Ownership Taskforce - Commitment from the Community Energy Strategy Government trying a voluntary approach first Taskforce report sets out some principles and suggested approaches: Split ownership Joint Venture Shared revenue ‘Split Ownership’ was the preferred option from a community perspective, but in the future….? Community ‘buy in’ to commercial projects

5 9.1MW Split Ownership Project 5MW community owned by WWCE via wholly owned CIC subsidiary BWCE and Mongoose Energy secured project rights from developer and secured finance and grid sharing agreement Capex £10 million: £3m share offer, £2.7m loan, £4.3m commercial partner 1 connection split by contract – 2 projects with 1 MPAN Same EPC & O&M contractor but separate contracts Recently reached financial close, on site, commissioned December 2015 Braydon Manor, Wiltshire

6 Need to increase viability for future projects Significantly curtailed due to FIT cuts in short to medium term – but in 2 years? Need to pursue other options to develop community energy model Community buy in to existing renewables projects? No tax relief if project already operating - but broadens viable shared ownership model options to include Joint Ventures Energy supply – increasing value for generation projects Storage – maximising supply at peak times The Future…..