Just a quick update on our AGM which was held at the Great Rock Co-op on Saturday the 23rd November 2013. A good turnout of members heard the Directors give their annual report, the financial report and some exciting news on projects in the early stages of development. Please keep checking back for further information on our next steps.
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As Pennine Community Power was in receipt of grant funding (State Aid) towards part of the installation of our community wind turbine, our Feed in Tariff payments have been suspended by OfGem, for the last few months, until this grant funding was repaid.
This situation was contrary to the advice we received at the time of installation ie that Lottery Funding was not State Aid and that even if it was then it was below a de minimis threshold. Both pieces of advice were proved to be wrong. As a result the Directors have had no choice but to negotiate with OfGem as to how much of our grant funding would need to be repaid to the Lottery. We arrived at a figure of just over £8,800 and this money, which has been raised by issuing additional share capital to existing members, has been paid to the Lottery.
We now anticipate our FIT payments being reinstated.
Unfortunately, it is likely now that the community benefit will be slightly reduced as the income of the turbine now has to service a slightly larger share capital.
For more information on FITs and State Aid, please refer to the DECC guidance which can be downloaded as a PDF here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/48582/5282-feedin-tariffs-fits-and-grants.pdf
On a brighter note, the turbine itself is producing at or slightly above our predictions.
The Directors are also still pursuing modifications to the turbine with the manufacturer and installer to address the noise issues at very high wind speeds.
Following a successful AGM at the Blackshaw Head chapel, a group of the Pennine Community Power member/shareholders visited the turbine nearby, which was generating about 1.5 kWh in the light winds at the time.
Tired of watching the X factor?
There is an alternative – You can now follow the output of our wind turbine on-line at http://data.aprsworld.com/data/ps2/current.php?station_id=A3684
We have produced 57 kWh of electricity in the last 24 hours.
After a few teething problems, the Blackshaw Head wind turbine is finally up running and grid connected. You will shortly be able to monitor the output of the turbine on-line – watch this space!
28 of the 65 Pennine Community Power Limited shareholder members recently completed an on-line survey to inform the future direction of the Society. The results can be seen here.
We have now issued the shares to our 65 members. We are particularly pleased that the bulk of our members live in the Blackshaw parish and all are within Calderdale.
With a great last minute surge of interest, our Blackshaw Head wind turbine share offer was oversubscribed by £5,000. We are just about to allot the shares to our 64 applicants who all live within a few miles of the turbine.
Another great piece of news is that HM Revenue and Customs have approved the share offer as qualifying for Enterprise Investment tax relief; a tax relief to incentivise social investment which shareholders will be able to take advantage of.
Meanwhile the concrete base has been poured and the tower is being constructed off-site. The turbine is on course for erection in September.
Our first share offer is now closed. It looks like we have reached our £28,000 target comfortably. If you have applied for shares we will be contacting you shortly about the next steps.
If you wish to be the first to know about our future offers, then please register on this page to receive updates.
With only a day to go, we are just short of the target. We can proceed with what we have, but a couple more investors will mean that we can have all the preferred options on the installation.