Liverpool Community Renewables

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Share offer remains open, less than £10k of shares still available.

We had planned to close the Pioneer Share Offer last week Friday 15th of May. The current status is that we have £70,000 in the bank, and also quite a few open pledges to invest and join our society. We are now more confident than ever that we can reach our target of £80,000 and decided to leave the offer open until we have reached this target. We anticipate that this will not take long; so if you are hesitating about investing, wanted to invest but thought you are too late, or only just heard about us and can make a quick decision, get the details from the share offer document, get in touch if there is anything you are not clear about,then send us the filled in application form (at the end of the share offer document) and the funds as soon as possible.

We are really excited about the future of LCR and what we will be able to achieve, thanks to all our 60+ new members.

Latest update on investment raised: £57000

On our board meeting with all new directors last night (21st April 2015) we counted up a total of £57000. This is tremendous news, and we are confident that we will reach our target of £80000. If you want to be part of our community energy initiative, there is till time to join us before 15th May 2015. All details are available from our Share Offer Document.

Some key information from the document:

  • Minimum investment is £100,
  • IRR 4.6%,
  • Members will be able to claim tax relief under SEIS

Update on the investment we attracted so far.

We now have managed to raise £35000 in shares from our new members. There is still some to go to reach the target of £80000, but we are pleased with the result so far. if you are interested to find our more, read our pioneer share offer, and if you have got some spare money that you could invest in your community, please fill in the application, found at the end of this document. The closing date for applications is 15th of May, but don’t leave it too late!

 

We’ve won a UCEF grant!

Yes, a few months ago we applied for grant money from the Urban Community Energy Fund (UCEF), and we have been selected! This will be £13000, a great success. This money will take us a considerable way to develop our planned sites, and is very welcome. Remember that you can also become a member of Liverpool Community Renewables and invest in our pioneer share offer.

Since the launch of UCEF there have been 18 successful applicants. If you are part of a urban community energy group, it is worth checking out if your group might be eligible and then apply. Details on eligibility and also how to apply can be found over at the website of the Centre for Sustainable Energy. We were told that CSE are planning to publish who won this award and also  put the locations of these projects on a map. We will keep you posted.

Closing date for Pioneer Share Offer extended to 15th May

We have now extended the closing date for our pioneer share offer to 15th May, so there is still time to join Liverpool Community Renewables and invest in your community. It is now clear that the outgoing government decided to keep tax incentives like SEIS and EIS applicable for community energy generation, but not for investors into commercial schemes. More details can be found in my previous blog. Not only will you enable LCR to develop solar PV installations on community buildings in Liverpool for the benefit of the users of these buildings, but we also think that a membership and investment with us is an attractive proposition with an IRR (internal rate of return) of 4.6%, compared to current savings rates. On top of this return investor-members will be able to apply for SEIS tax relief. The minimum investment is £100.

Please print and read the offer document and if you decide to join the pioneers of community energy for Liverpool, fill in the included application form and send it to us by 15th of May.

Even if you’re undecided but might consider joining Liverpool Community Renewables in the future, please join our mailing list.

A further £4500 has taken us closer to the target of £80000

As of today we have managed to attract a total investment of £29000 from our members! This is very encouraging, but we have to reach our target of £80000 to be able plan and develop the projects we have lined up. There is still time, so come and join our growing group of pioneers into community owned energy generation. All the details and an application form are available from our Pioneer Share Offer document. If you still have questions or comments, you can also contact us directly.

Budget 2015

Back in the Autumn Statement of the Chancellor of the Exchequer it was announced that tax relief for investors in renewable energy would be phased out with the end of the tax year.

This was a great concern for community energy organisations such as ours, who rely on attracting investment from our new members. Obviously a loss of a tax incentive would reduce the attractiveness of becoming a member of a community energy group and invest in renewable community owned energy generation.

But the latest Budget of 2015 has some positive news for us:

2.77 Venture capital schemes: renewable energy – As announced at Autumn Statement
2014, companies benefiting substantially from subsidies for the generation of renewable energy
will be excluded from also benefiting from EIS, SEIS and VCTs with effect from 6 April 2015,
with the exception of community energy generation undertaken by qualifying organisations
which will in future become eligible for the Social Investment Tax Relief (SITR). The government
will allow a transition period of 6 months following state aid clearance for the expansion of SITR
before eligibility for EIS, SEIS and VCT is withdrawn. (Finance Bill 2015) (y)

This means that investors will still be able to claim tax relief under SEIS (Seed Enterprise Investment Scheme), but only through investing and becoming part of qualifying community energy generation. In the future SEIS and EIS will be replaced with SITR (Social Investment Tax Relief)

And there is no better time than now to join our growing membership and invest in renewables through our pioneer share offer.