North Kensington Community Energy is the only community energy project in the Royal Borough of Kensington and Chelsea. We have already installed 86kWp of solar panels on two local schools and a community center.
For our second project, we have installed 138 kW of solar panels on the Westway Sports and Fitness Centre, 1 Crowthorne Rd, London W10 6RP.
We are selling shares for the installed solar panels. The electricity generated will be sold to the Westway Sports Centre at a discounted rate while any surplus will be sold back to the grid.
By investing you become a shareholder (member) of our company (community benefit society) and will become a co-owner of these solar panels.
Offer opens: 26/10/2020
Offer closes: 31/01/2021
Minimum investment: £100
Community member minimum investment: £50 (to be eligible for the Community Member investment amount you must live in North Kensington AND either be aged 24 and under OR receiving benefits)
Company Name: North Kensington Community Energy Limited
Company Type: Community Benefit Society
Registration Number:
7799Registered under Co-operative and Community Benefit Societies Act 2014
138 kWp Solar
This will generate 115,920kWh of electricity, enough to power 46 homes annually. The project has signed a contract with the Sports Center to sell the energy from the panels at a 10% discount from what they pay their current energy supplier.
£42,000 Community Funds
In addition to the energy bill savings, the project has been designed so that 55% of profits generated will be retained for community benefit in the format of a community fund. Members will have the opportunity to vote where these funds are spent.
16 Trainees
In 2018, Repowering London delivered our paid Youth Training Programme for young people in the borough. Our paid Youth Training programme is designed to empower young people aged 16 to 19 by giving them the practical skills and training to thrive in the green economy. We aim to run further Youth Training Programmes in the future. By investing you are continuously supporting this important work.
28 tonnes CO2 avoided annually
Fight Climate Change. Energy is responsible for 60% of global CO2 emissions, reducing our carbon footprint is of the upmost importance. This project will displace fossil fuel energy and help lead the way to creating our shared zero-carbon future.
What would you have to invest in NKCE to:
£100 - offset the CO2 impact of drinking 20 bottles of wine every year
£250 - offset the CO2 impact of drinking 250 lattes every year
£500 - offset the CO2 impact of drinking 2.5 pints of foreign lager every week
£1,000 - offset the annual CO2 impact of flying in a return short haul flight (London-Rome) in economy
£2,700 - offset the annual CO2 impact of driving an electric car for 7000 miles
£3,800 - offset the CO2 impact of the electricity consumption in an average UK household
£5,600 - offset the CO2 impact of a vegetarian diet
£10,000 - offset the annual CO2 impact of flying in a return long haul flight (London to Los Angeles) in economy
£20,870 - offset the annual CO2 impact of the average UK citizen
£2,131,230 - How much Mark Zuckerberg would have to invest to offset his annual CO2 impact
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Dave Fuller Dave is Programme Manager for NKCE and works with local schools to develop educational workshops and the NKCE Community Energy Training Programme. Dave is also an active community organiser and activist. |
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Afsheen Kabir Rashid MBE Afsheen is Co-Founder of Repowering, Chair of the Brixton Energy Solar Co-operatives and Chair of Community Energy England. She remains influential in local and national community energy decision making. |
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Felix Wight Felix is the Technical Director and leads technical development and emerging business models for Repowering. These include applying our new energy storage technologies, deploying remote metering and developing new electricity supply arrangements. |
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Toby Laurent Belson Toby is a community artist and designer who has delivered over 60 community-based art and design projects across North Kensington. He was a trader in Portobello Market for ten years, a local primary school governor for eight years & a trustee for a local community transport provider. |
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Neil Grant Neil is a resident in North Kensington, where he is involved in community life through his church, NKCE and other environmental organisations. As a director, Neil is helping raise awareness about community energy in RBKC, so that every resident has the opportunity to be involved in tackling climate change in the borough. Neil is studying for a PhD in climate policy at Imperial College in South Kensington. |
Here is how our financial model works:
Our model for North Kensignton Community Energy assumes we will pay a small proportion of capital back as well as interest every year. This means you will get your capital back sooner to invest in other things but it will also mean we will likely have little flexibility to allow investor to exit before the 20 years. Here is an example of what to expect if you invest £1000:
Document Name |
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Share Offer |
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Business Plan |
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Society Rules |
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Financial
● The project income is heavily reliant on the Power Purchase Agreement with Everyone Active.
● Inflation may be higher or lower than the forecast of 2.5% used in the financial model. Lower inflation could reduce income from the Feed-in Tariff and export tariff which are index-linked.
● The price of electricity can go down as well as up.
● The sales of electricity to the site may be lower than forecast, notably due to Covid-19.
● The shares are illiquid, and the Board of Directors may not feel in a position to allow withdrawal if and when required, so you may not be able to have your money back when you request it.
● The value of the shares may be written down so you may not receive all your money back.
Operations
● Operational costs for insurance, administration, service, and maintenance may increase over the life of the project by more than the amounts we have assumed.
Policy
● Changes in renewable energy policy and legislation, especially to the value of the Feed-in-Tariff, could affect the project (nonetheless to-date, changes in Feed-in-Tariff legislation have only applied to new installations).
● Legislative changes to the roles and functions of the Financial Conduct Authority or to those of other regulatory bodies may change the way in which North Kensington Community Energy Ltd is regulated.
Technical
● The amount of electricity produced may not meet the target, for example due to unexpected weather patterns or underperformance of the solar panels.
● There may be interruptions to the generation of electricity caused by, for example, mechanical failure that could increase maintenance costs and impact revenue income.
● There may be interruptions to electricity generation because of temporary roof repairs or maintenance works. This may result in reduced Member returns. However, we have selected roofs that are in a good condition and are working with the Westway Trust to minimise the impact on the project.
● There may be damage to the site that interrupts electricity generation.
● Although the installation will be fully insured for risks such as accidental and malicious damage, standard exclusions will apply including ‘Acts of God’.
This list is not necessarily comprehensive, and you should consider other risks that may impact the value of your investment.
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