This week we are delighted that we have now raised over £560K for our bond offer to help us refinance our Coigach wind turbine! The offer period has been extended to 30th June to allow for further investment in order that we can reach our £1.75 million target.
CIC in the City!
“Community energy is a great way of generating funds for the benefit of the local community.
We developed our wind turbine to provide an income for 20 years which will help to create a sustainable local economy, attract residents to Coigach and maintain the way of life.”
Iain Muir, Coigach Community CIC
Iain Muir was invited to speak at Triodos’ Annual Meeting in the Mermaid Theatre London where he addressed over 700 Triodos customers and was met with an enthusiastic reception – a surprising number of whom had already heard of Achiltibuie. (And he obviously didn’t miss the opportunity to tell the interviewer about the fish he caught at the weekend…)
Full details of the bond offer are available online
www.triodoscrowdfunding.co.uk/invest/coigach-community
but if you prefer, we also have good old-fashioned paper versions of the application form etc so if you’re happier with a pen than a mouse, get in touch and we can post you one or hand it over.
Coigach Community CIC is a community interest company that owns and operates a community turbine in Coigach. The company is wholly owned by volunteer-led local charity Coigach Community Development Company. The Coigach wind turbine was developed not only to provide a source of renewable energy but also to secure a regular income for investing in projects to benefit the community.We are looking to raise £1.75 million through the issue of bonds in the company to refinance higher cost loans which were initially taken out to build the turbine.
KEY TERMS:
- Target amount: £1,750,000
- Term: 12 years –bonds are not listed on a recognised investment exchange to investors need to hold them for their full 12 year term
- Repayment: The bonds are expected to be repaid in ten annual instalments from 2021 to 2030
- Minimum investment: £250
- Interest: 5% gross per year, increasing in line with the annual retail price index each year
- Risk Warning: Investors should note that payment of interest and repayment are not guaranteed and are dependent on the continued success of Coigach Community CIC’s business model.
For further information please look at www.triodoscrowdfunding.co.uk/invest/coigach-community or email
crowdfunding@triodos.co.up or phone 0117 980 9593. If you’d like a paper application form please contact Julia Campbell, Coigach Community Development Company 01854 622 379 or email info@coigachcommunity.org.uk
Investors should read the full offer document including the risks section before making a decision whether to invest.
This financial promotion has been issued and approved by the UK division of Triodos Bank NV (incorporated under the laws of the Netherlands and limited liability, registered in England and Wales with branch number BR3012. Authorised by the Dutch Central Bank and subject to limited regulation in the UK by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extend of our (Triodos) regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us (Triodos) on request. Registered Office: Triodos Bank, Deanery Road, Bristol, BS1 5AS. Vat reg no 793493383. Calls to and from Triodos Bank may be recorded for training and monitoring purposes.
“Community energy is a great way of generating funds for the benefit of the local community.
We developed our wind turbine to provide an income for 20 years which will help to create a sustainable local economy, attract residents to Coigach and maintain the way of life.”
Iain Muir, Coigach Community CIC
https://www.triodoscrowdfunding.co.uk/invest/coigach-community
Coigach Community CIC
Coigach Community CIC is a community interest company that owns and operates a community wind turbine in Coigach, a remote peninsula in the Northwest Highlands of Scotland. The company is wholly owned by local charity, Coigach Community Development Company.
The Coigach wind turbine was developed not only to provide a source of renewable energy, but also to ensure a stream of regular income to support the local community. The area faces a number of challenges common to remote communities, including a lack of affordable housing, decreasing levels of health provision, poor transport links and a fragile economy. Profits from the turbine will be used to fund projects which tackle some of these challenges.
It is intended that the funds will support projects which help to develop affordable housing, bring employment or work space into the area, develop transport links and amenities or conserve the natural area. The 500 kW turbine was constructed in 2017 and began generating electricity in March 2017.
The bond offer
The money raised through this bond offer will enable Coigach Community CIC to refinance higher cost loans which were initially taken out to build the turbine. The project has been fully accredited by the government’s Feed-in-Tariff scheme which guarantees a fixed price (rising with inflation each year) for the electricity generated by the Company for 20 years.
Throughout this period, the turbine is expected to generate 2,020 MWh of electricity a year and it is anticipated that around £4.4 million will be contributed to the community.
Before deciding to invest, you must read the bond offer document. The offer document can be downloaded at the bottom of this page.
IFISA eligible
Coigach Community CIC bonds are eligible to be held in a Triodos Innovative Finance ISA (IFISA). Individual Savings Accounts (ISAs) offer investors and savers a tax efficient way to save or invest. The IFISA is a type of ISA that allows you to include investments that have been made via crowdfunded offers and as with all ISAs, you receive interest tax-free.
To invest in Coigach Community CIC bonds through a Triodos IFISA, after reading the bond offer document, select the ‘Invest through IFISA’ option. This selection will open a current year IFISA.
Transferring an existing ISA
If you want to invest by transferring an existing ISA to a Triodos IFISA, you must first request the transfer. You can do this under ‘Account’ once you’ve become a registered user on the platform.
Key terms
Issuer
Coigach Community CIC
Target amount
£1,750,000
Social impact
An estimated £4.4 million will be donated to Coigach Community Development Company – a local charity – over 20 years to support a range of community projects in Coigach.
Term
12 years, full capital repayment is forecast by 31 March 2030 but is not guaranteed.
Repayment
The bonds are expected to be repaid in ten annual instalments from 2021 to 2030.
Minimum investment
£250
Interest
5% gross per year, increasing in line with the annual retail price index each year from April 2019. Payable net of UK basic rate tax (unless held in a Triodos Innovative Finance ISA). Payment of interest and repayment of capital are not guaranteed.
Security
The bonds are secured by way of a standard security over the tenant’s interest in the lease of the turbine site and a floating charge over all of the assets of the company. This asset security does not mean that capital or interest payments are guaranteed in any way.
Transferability
Bonds are transferable but are not listed on any investment exchange which means that bondholders will have to find a willing buyer and agree a purchase price with them. Investors should be prepared to hold the Bonds for their full 12-year term.
Covenants
A negative pledge regarding other borrowings until the bonds are repaid in full. This prevents the company from taking on additional debt.
Minimum raise
Bonds will be issued if at least £1,450,000 is raised. If not, then investors’ monies will be returned with no accrued interest.
Timetable
1 March 2018 until 29 June 2018 (unless fully subscribed earlier or if the directors, at their sole discretion, decide to extend the offer).
Risk warning
Past performance is not an indication of future performance. Capital is at risk and returns are not guaranteed.
https://www.triodoscrowdfunding.co.uk/invest/coigach-community