Invest in two operational community solar parks

Renewables bond
Empower Community Foundation
IFISA eligible
Minimum Investment £50
Term 16 Years
Interest 4.25% per year (inflation linked)
£2,733,214
Raised
£4,700,000
Target
58%
£2.35m min. raise

Empower Community Foundation

Empower Community Foundation (Empower) was founded in 2011 and is a charity established to accelerate the transition to a sustainable society by focusing on the climate emergency, fuel poverty and supporting community development. Empower manages community-benefit renewable energy projects and distributes income surplus generated in the projects back to communities through grant programmes.

Empower owns two 5MW solar parks, Drove Lane in Salisbury and New Mains in Angus near Aberdeen, which it acquired in 2017. Combined the two solar parks generate the equivalent annual electricity consumption for over 2,600 homes.

Empower has used grant payments to help fund the outreach response in Angus which supported people shielding during Covid 19 lockdowns and has been a long-term funder of a family resilience programme in one of the most deprived areas of Salisbury.

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"Building resilience in local communities is what we are set up to do. We want communities to benefit from an acceleration of the transition to a decentralised energy economy. This bond will ensure that these two community solar projects have funding in place for their remaining life, meaning that each solar park will generate more income for the local community to meet local needs. We are delighted to be working with Foundation Scotland, Wiltshire Community Foundation and Triodos Bank to this end.

Alex Grayson, Trustee - Empower Community Foundation

The bond offer

The money raised through this bond offer will enable Empower to complete the refinancing of higher cost loans which were initially secured to fund the Foundation’s acquisition of the solar parks and become its sole owner. Both solar parks have 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 solar parks for 20 years ending in June 2036, 23 months before the final bond capital repayment.

IFISA eligible

Empower bonds are eligible to held in a Triodos Innovative Finance ISA (IFISA). For an investment to qualify for the 2021/22 ISA allowance, the payment must have been received by 23:59 on 5 April 2022. As with all ISAs, there are eligibility criteria and you receive interest tax-free. ISA eligibility does not guarantee returns or protect consumers from losing their money.

To invest in Empower bonds through a Triodos IFISA, select the ‘Invest through IFISA’ option. This selection will add to your current year IFISA or will open a new IFISA if you haven’t previously opened one.

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 of the platform. Your ISA transfer must be completed first, before you make an application for bonds.

Key terms

Issuer
Empower Community Foundation (Empower)
Target amount
£4,700,000
Term
16 years, repayable in instalments with the final repayment on 31 May 2038
Minimum investment
£50 
Interest
4.25% gross per year, increasing in line with the annual retail price index each year from June 2023. Payable in arrears on 31 May each year (paid net of UK basic rate tax unless held in a Triodos Innovative Finance ISA when interest will be paid gross) with the first payment on 31 May 2023. Payment of interest and repayment of capital are not guaranteed.
Early repayment
Empower has the right to repay the bonds early in part or in full.
Security
The bonds are secured by way of a second ranking charge over the solar park assets behind Triodos Bank’s first ranking charge. Asset security does not mean that capital or interest payments are guaranteed in any way. In the event of any wind-up or liquidation Triodos Bank as senior lender will be repaid first and has full control in a default or enforcement scenario until it is repaid in full.  
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, which in practice may not be easy. Investors should be prepared to hold the bonds for their full 16-year term.
Covenant
A negative pledge regarding other borrowings until the bonds are repaid in full. This prevents Empower from taking on additional debt in that time.
Minimum raise
£2,350,000. If less than £2,350,000 is raised, monies will be returned to investors with no accrued interest.
Timetable
The offer will have two closes, the first once £2,350,000 has been raised and the second once £4,700,000 or the required amount to fully refinance the existing facility has been raised. Bonds are allotted 14 days after close and investors start to accrue interest from that date.
Capital at risk warning
Past performance is not an indication of future performance. Capital is at risk and returns are not guaranteed. Investors should read the offer document in full, including the risks section, before deciding whether to invest.

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Invest in two operational community solar parks

Empower Community Foundation

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"Building resilience in local communities is what we are set up to do. We want communities to benefit from an acceleration of the transition to a decentralised energy economy. This bond will ensure that these two community solar projects have funding in place for their remaining life, meaning that each solar park will generate more income for the local community to meet local needs. We are delighted to be working with Foundation Scotland, Wiltshire Community Foundation and Triodos Bank to this end.

Alex Grayson, Trustee - Empower Community Foundation

Empower Community Foundation

Empower Community Foundation (Empower) was founded in 2011 and is a charity established to accelerate the transition to a sustainable society by focusing on the climate emergency, fuel poverty and supporting community development. Empower manages community-benefit renewable energy projects and distributes income surplus generated in the projects back to communities through grant programmes.

Empower owns two 5MW solar parks, Drove Lane in Salisbury and New Mains in Angus near Aberdeen, which it acquired in 2017. Combined the two solar parks generate the equivalent annual electricity consumption for over 2,600 homes.

Empower has used grant payments to help fund the outreach response in Angus which supported people shielding during Covid 19 lockdowns and has been a long-term funder of a family resilience programme in one of the most deprived areas of Salisbury.

The bond offer

The money raised through this bond offer will enable Empower to complete the refinancing of higher cost loans which were initially secured to fund the Foundation’s acquisition of the solar parks and become its sole owner. Both solar parks have 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 solar parks for 20 years ending in June 2036, 23 months before the final bond capital repayment.

IFISA eligible

Empower bonds are eligible to held in a Triodos Innovative Finance ISA (IFISA). For an investment to qualify for the 2021/22 ISA allowance, the payment must have been received by 23:59 on 5 April 2022. As with all ISAs, there are eligibility criteria and you receive interest tax-free. ISA eligibility does not guarantee returns or protect consumers from losing their money.

To invest in Empower bonds through a Triodos IFISA, select the ‘Invest through IFISA’ option. This selection will add to your current year IFISA or will open a new IFISA if you haven’t previously opened one.

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 of the platform. Your ISA transfer must be completed first, before you make an application for bonds.

Key terms

Issuer

Empower Community Foundation (Empower)

Target amount

£4,700,000

Term

16 years, repayable in instalments with the final repayment on 31 May 2038

Minimum investment

£50 

Interest

4.25% gross per year, increasing in line with the annual retail price index each year from June 2023. Payable in arrears on 31 May each year (paid net of UK basic rate tax unless held in a Triodos Innovative Finance ISA when interest will be paid gross) with the first payment on 31 May 2023. Payment of interest and repayment of capital are not guaranteed.

Early repayment

Empower has the right to repay the bonds early in part or in full.

Security

The bonds are secured by way of a second ranking charge over the solar park assets behind Triodos Bank’s first ranking charge. Asset security does not mean that capital or interest payments are guaranteed in any way. In the event of any wind-up or liquidation Triodos Bank as senior lender will be repaid first and has full control in a default or enforcement scenario until it is repaid in full.  

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, which in practice may not be easy. Investors should be prepared to hold the bonds for their full 16-year term.

Covenant

A negative pledge regarding other borrowings until the bonds are repaid in full. This prevents Empower from taking on additional debt in that time.

Minimum raise

£2,350,000. If less than £2,350,000 is raised, monies will be returned to investors with no accrued interest.

Timetable

The offer will have two closes, the first once £2,350,000 has been raised and the second once £4,700,000 or the required amount to fully refinance the existing facility has been raised. Bonds are allotted 14 days after close and investors start to accrue interest from that date.

Capital at risk - warning

Past performance is not an indication of future performance. Capital is at risk and returns are not guaranteed. Investors should read the offer document in full, including the risks section, before deciding whether to invest.

Please note that payment of interest and capital is not guaranteed and is dependent on the continued successful operation of Empower Community Foundation (Empower)