Invest - Egni

Invest

in community solar power across wales

Generate Clean Energy Support Communities 4% return Tackle Climate Change

egni co-o1p

Society Details

This document has been prepared by the Directors of Egni Co-op, who hereby declare that they have taken all reasonable care to ensure that the information contained in it is, to the best of their knowledge, in accordance with the facts and contains no omission likely to affect its import. It is published in accordance with the guidelines set out by the Financial Conduct Authority.

This document is important and should be read in full and considered carefully.

The Egni Co-op share offer is exempt from the Financial Services and Markets Act 2000 and subsidiary regulations; this means you have no right of complaint to the Financial Ombudsman Service.

Egni Co-op is a Society registered with, but not authorised by, the Financial Conduct Authority. This means that the money you pay for your shares is not safeguarded by any depositor protection scheme or dispute resolution scheme.

An investment in the shares offered in this Share Offer carries risks and you may lose the whole value of your investment. Please consider it carefully in the context of this complete share offer document and related information and, if needed, seek independent advice.

Before completing the application form you should:

Read this Share Offer Document.

Pay special attention to the risk factors set out in this document.

Consider taking financial or other advice in relation to the terms and conditions of this share offer.

Read the rules of Egni Co-op at egni.coop

If you need help about how to apply for shares, call us on 01639 830870 or email admin@awel.coop.

Society Name Egni Cydweithredol Cyfyngedig Ltd henceforth referred to as Egni Co-op

Directors Mary Ann Brocklesby Rosie Gillam Dan McCallum Carl Richards David Stonehouse

Registered Office Egni Co-op c/o Awel Aman Tawe, 76-78 Heol Gwilym, Cwmllynfell, Swansea, SA9 2GN

Registration Number Co-operative and Community Benefit Societies Act 2014 32008 R

Contact Details 01639 830870 egni.coop admin@awel.coop

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Conte nts

Society Details2 Welcome4 Egni Co-op and our Partners6 Egni Phase 17 Egni Phase 210 Egni Sites14 Timeline15 Technology18 Financial Information20 Ownership & Management24 Board of Directors25 Key Risks & how they are managed26 Terms & Conditions28 Application Form29 Declaration30

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Welcome

On behalf of the directors of Egni Co-op, I am delighted to introduce you to our second community share offer and to invite you to invest in rooftop solar power across Wales.

Egni Co-op has secured the Feed in Tariff (FiT) subsidy for rooftop solar panels on over 250 sites in Wales which will have an installed capacity of over 5,000kW.

In this share offer, we are seeking ?750,000 to finance a rolling programme of solar installations from now until March 31st 2020. We have already secured ?300,000 of this total from our existing members who have given us their strong backing. We are also seeking loan finance from the Development Bank of Wales.

The team behind this Share Offer have already successfully delivered 179kW of rooftop solar on 7 sites during Egni Co-op's first share offer in 2014 (egni.coop). We also developed Awel Co-op (awel.coop), raising over ?3m from community shares, and built a 4.7MW community wind farm which was commissioned in January 2017. Together with our linked charity, Awel Aman Tawe, these initiatives have won multiple awards (see opposite).

Egni Co-op is part of a global community energy movement. In the UK alone the sector is worth ?190 million with 30,000 people investing in 222 community energy groups. Altogether the UK movement has built 188 MW of renewable energy capacity.

By joining Egni Co-op, you will be part of a not-for-profit, community-owned enterprise, growing the local green energy supply in Wales. As well as providing members with a projected 4% return on their investment, all the sites will receive green electricity at a reduced price, thereby lowering their running costs & carbon emissions, and Egni Co-op will have the capacity to expand its education and awareness-raising programme.

Please read the document carefully and we hope that you will join us to help make this project happen.

Dan McCallum MBE (for services to community energy in Wales)

Chair, Egni Co-op.

May 2019 4

Share Offer Summary

Amount initially sought

Minimum investment

Maximum investment

Projected return on investment

Target cumulative return over 20 years per ?1,000 invested

?750,000 ?50 ?100,000

4%

?1,520

Best Project Community Energy England and Wales Awards, 2015

Best Co-op in Wales Plunkett Foundation, 2016

Best Fundraising Wales Council for Voluntary Action awards, 2016

Winner, Engaging the Community Wales Green Energy Awards, 2016

Best Community Energy Project Regen Green Energy Awards, 2018

Winner, Social Enterprise Wales Start-Up Awards, 2018

Winner Swansea City Bay Region, Start-Up Awards, 2018

Winner, Clean Energy Neath Port Talbot Business Awards, 2018

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Egni Co-op and our Partners

Awel Aman Tawe (AAT)

AAT is the community energy charity that developed Egni Co-op. AAT was founded 20 years ago to undertake projects - in energy, education and the arts - that address climate change and contribute to a sustainable future. The AAT team also developed Awel Co-op (see overleaf ) which installed a 4.7MW two-turbine wind farm in 2017. The project was funded by a ?5.25m loan from Triodos Bank and ?3m from community shares.

Egni Co-op

Egni Co-op was launched in 2014. We raised ?230,000 and installed 179kW of solar power on seven community buildings and schools. All have been operating successfully. A long term (20-year) lease is in place with building owners, ensuring ongoing maintenance of the panels.

Last year, Egni generated 163,376 kWh, preventing the emission of 63 tonnes of CO2 and saving about ?13,000 from the electricity bills of our existing 7 sites.

social sustainability

economic sustainability

environmental sustainability

Egni Co-op is a social enterprise which supports local regeneration, addresses climate change and generates a sustainable source of funding for local community projects.

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Track Record

Both Egni Co-op and Awel Co-op have operated well since commissioning and have won numerous awards. Members of each co-op have been paid interest in line with the expectation of the Share Offers. Annual Accounts are available on egni.coop and awel.coop. We have also been able to repay all members who wished to have their capital returned early.

We have over 1,000 individual members in our two co-ops. There are also 40 local community organisations who are members including rugby & football clubs, 16 schools, Merched y Wawr, 2 Food Banks and the Friends of Pontardawe Arts Centre among others. Between them, they own over ?100,000 of shares - funded by AAT - giving them a sustainable income stream to support their core work. We estimate that there are over 20,000 people in these local organisations which now co-own the wind farm.

Over 500 people have come on our site visits to the Awel wind farm and Egni solar sites. We run an ongoing programme of site visits and are developing educational resources which focus on renewable energy, climate change and cooperatives.

We have provided match funding to create 3 new jobs in Awel Aman Tawe to help develop further projects.

In the Pipeline

We have bought the former Cwmgors Primary School and aim to develop it as an Enterprise & Energy Centre addressing fuel poverty, and supporting environmental projects. We are also assessing the feasibility of affordable, low carbon housing on the site with self-build options for young people.

We will shortly be submitting a planning application for a 1.2MW ground mounted solar farm and 5MW of battery storage on fields next to our wind turbines on Mynydd y Gwrhyd near Pontardawe, thereby making more efficient use of our grid connection.

Egni Phase 1

Ysgol y Bedol

50kW

Trimsaron Leisure Centre

30kW

phoenix centre

30kW

Seven Sisters Community Centre

30kW

dove workshops

21kW

glynneath training centre

14kW

awel aman tawe

4kW

Egni Phase 1: 2014 - 2015 Solar Panels were installed on 7 local community buildings: Ysgol y Bedol, Garnant Trimsaron Leisure Centre Phoenix Centre, Swansea Seven Sisters Community Centre DOVE Workshops, Banwen Glynneath Training Centre Awel Aman Tawe, Cwmllynfell All community buildings receive free electricity from the solar panels. Energy Generated 179kW power (installations range between 4kW to 50kW) During their lifetime, the solar panels will save approximately 1,250 tonnes CO2 through generating electricity without burning fossil fuels. Share Offer 1 ?230,000 raised through community shares and Robert Owen Community Energy Fund.

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Awel Co-op (Egni's sister Co-op), our 4.7MW two-turbine community windfarm with some of our Members.

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