ECSC, supported by Energy4All, plans to raise the required funds (£1.4 million) to install 25 solar PV arrays. This will be achieved with a public share offer, giving priority to Edinburgh residents to become members of the co-operative by purchasing shares from a minimum of £250.
Once enough funds are raised, we will contract a solar panel installer who will professionally install panels on the 25 public buildings, subject to each building successfully passing an engineering survey.
During operation, some or all of the electricity generated is used by the building, depending on internal demand. This electricity is sold to the Council through a Licence Agreement which is now in place. ECSC also receives income through the Feed in Tariff. Any surplus electricity is exported to the grid for which ECSC also receives an income. The actual level of income will depend on the level of daylight, how much electricity is used internally and the operational efficiency of the plant.
Each year, after operation and administration costs have been covered, share interest will be paid to members. The return on share capital will be capped at 5% which will rise with RPI each year. The surplus funds generated after payment of share interest will be allocated to the community benefit fund. By year 21, members will have all their original investment returned and the panels will revert to the Council. All financial detail is provided in the share offer document. You are advised to read this carefully before investing
The co-op will be supported by Energy4All, who will supply a comprehensive package of management services, including accountancy, share register management and general administration.
Each year the co-op will hold an Annual General Meeting (AGM) – to which all members will be invited, and where the activities of the co-operative Society and the performance of the solar panels will be discussed. There will also be an opportunity for members to engage with how the surplus profit will be distributed
The following motions will be put before the AGM and members will also be able to propose a resolution
• Approve Annual Accounts
• Appoint Directors
• Appoint auditors
• Approve the distribution of surplus funds (profits)