Late payment
This investment has an overdue payment to investors. Please see the Updates section to see more information on the cause of the late payment and the company's current plans to resolve the late payment.
What does the company do?
Oakapple Berwickshire plc is a company set up to own and manage a portfolio of roof-mounted solar PV systems installed on the rooftops of properties owned by Berwickshire Housing Association. The project came about as a partnership between the directors and shareholders of Oakapple Renewable Energy Ltd and Edison Energy Ltd, one of the first solar PV developers selected by the Scottish Government to work with social housing providers.
The portfolio owned by Oakapple Berwickshire includes solar PV installations across more than 400 homes owned by Berwickshire Housing Association, totalling just under 1,450 kWp. Berwickshire Housing Association entered into an agreement with Oakapple Berwickshire which gave it the option to take out leases over the roof space of homes in the Association’s portfolio. Under the terms of those leases, Berwickshire Housing Association as landlord permits Oakapple Berwickshire to use the rooftops of certain homes in its portfolio to install and maintain PV systems with the right to receive the Feed-in Tariffs from those systems. In return, Berwickshire Housing Association has the right to use the electricity generated from those systems free of charge, the benefit of which is passed to the tenant.
The solar PV systems are accredited for the Feed-in Tariff scheme, which pays a fixed amount (rising annually with inflation) for each unit of electricity generated, plus an additional amount for the electricity exported to the grid. The company can choose to opt out of the export Feed-in tariff and instead agree a contract with an energy supplier when wholesale electricity prices are higher.
Why did the company raise money?
The money raised in this investment offer was used to refinance the installation of approximately 1,450 kWp of rooftop solar PV on homes owned by Berwickshire Housing Association.
How does the company expect to repay the investment?
Oakapple Berwickshire expects to repay investors from revenues it earns over the life of the investment from the generation and sale of electricity from its solar PV portfolio.
How is the company making an impact?
Oakapple Berwickshire is helping to increase the amount of renewable energy used in the UK’s electricity grid as we transition to a 100% low carbon energy future, as well as lowering energy bills for the tenants of the homes.
Key terms
The interest and capital is paid every 6 months (the first interest period was only 4 months long). In each year an equal instalment of capital is repaid, plus an amount of interest that increases each year.
Each year, the amount due to investors in terms of interest and capital repayment is split between the two semi-annual payments 70%/30% for the December and June payments respectively. This is due to the increased irradiation (sunlight) over the summer months which means the company has higher revenues over that period.
The company can only make an early repayment of the investment in certain circumstances, such as a change of control of the company (for example, if some or all of the company was sold to a new owner) or a regulatory/tax requirement.
See the Debenture Deed for details of all circumstances in which the option for early repayment may be exercised.Documents
Payment schedule
This table gives a breakdown of what is due to be paid back on this investment, based on an example investment of £1,000.
Late payment
This investment has an overdue payment to investors. Please see the Updates section to see more information on the cause of the late payment and the company's current plans to resolve the late payment.
| Payment date | Capital repayment | Interest | Total |
|---|---|---|---|
| 9 December 2015 | £35.00 | £23.10 | £58.10 |
| 9 June 2016 | £15.00 | £9.90 | £24.90 |
| 9 December 2016 | £35.00 | £23.86 | £58.86 |
| 9 June 2017 | £15.00 | £10.22 | £25.22 |
| 8 December 2017 | £35.00 | £24.64 | £59.64 |
| 8 June 2018 | £15.00 | £10.56 | £25.56 |
| 7 December 2018 | £35.00 | £25.48 | £60.48 |
| 7 June 2019 | £15.00 | £10.92 | £25.92 |
| 9 December 2019 | £35.00 | £26.32 | £61.32 |
| 9 June 2020 | £15.00 | £11.27 | £26.27 |
| 9 December 2020 | £35.00 | £27.16 | £62.16 |
| 9 June 2021 | £15.00 | £11.64 | £26.64 |
| 9 December 2021 | £35.00 | £28.07 | £63.07 |
| 9 June 2022 | £15.00 | £12.32 | £27.32 |
| 9 December 2022 | £35.00 | £28.98 | £63.98 |
| 9 June 2023 | £15.00 | £12.42 | £27.42 |
| 8 December 2023 | £35.00 | £29.96 | £64.96 |
| 7 June 2024 | £15.00 | £12.84 | £27.84 |
| 9 December 2024 | £35.00 | £30.94 | £65.94 |
| 9 June 2025 | £15.00 | £13.26 | £28.26 |
| 9 December 2025 | £35.00 | £31.99 | £66.99 |
| 9 June 2026 | £15.00 | £13.71 | £28.71 |
| 9 December 2026 | £35.00 | £33.04 | £68.04 |
| 9 June 2027 | £15.00 | £14.15 | £29.15 |
| 9 December 2027 | £35.00 | £34.09 | £69.09 |
| 9 June 2028 | £15.00 | £14.61 | £29.61 |
| 8 December 2028 | £35.00 | £35.21 | £70.21 |
| 8 June 2029 | £15.00 | £15.08 | £30.08 |
| 7 December 2029 | £35.00 | £36.40 | £71.40 |
| 7 June 2030 | £15.00 | £15.60 | £30.60 |
| 9 December 2030 | £35.00 | £37.59 | £72.59 |
| 9 June 2031 | £15.00 | £16.11 | £31.11 |
| 9 December 2031 | £35.00 | £38.85 | £73.85 |
| 9 June 2032 | £15.00 | £16.65 | £31.65 |
| 9 December 2032 | £35.00 | £40.11 | £75.11 |
| 9 June 2033 | £15.00 | £17.19 | £32.19 |
| 9 December 2033 | £35.00 | £41.44 | £76.44 |
| 9 June 2034 | £15.00 | £17.76 | £32.76 |
| 8 December 2034 | £35.00 | £42.84 | £77.84 |
| 8 June 2035 | £15.00 | £18.35 | £33.35 |
| Total | £1,000.00 | £914.63 | £1,914.63 |