Burnham & Weston Energy CIC’s Annual Report, March 2022, has been published.
This report provides a summary of technical and financial performance for the last financial year to July 2021, with commentary on the following period to the end of December 2021. The third payment of bond interest and a repayment of bond capital was made on 31st March 2022.
Key points from the Annual Report, March 2022, include:
Solar farm performance
During the financial year July 2020 to June 2021 Burnham & Weston Energy’s solar farm generated 9,881MWh of electricity. In the commented period July to December 2021, the solar farm generated approximately 4,500MWh of electricity. The full report explains in more detail how this was higher than forecast, and that lifetime performance of the solar farm is also up on projections.
Financial performance and bondholder payments
Due to the solar farm performing well and a power purchase agreement paying slightly above the minimum guaranteed export rate, there were sufficient available funds to pay bond interest in full for the year, and make a capital repayment of £250,000.
Community impact
£120,000 was allocated to community benefit funds in the year and Burnham & Weston CIC had £170,000 of allocated community fund in reserves.
With Covid restrictions easing, the Board developed a strategy to deploy these and future funds to support the local community’s net zero transition including:
- Appointing an Impact and Development Director
- Organising events and research to discuss the implications of COP26 and the UK Net Zero strategy for the local community
- Launching the next round of the Burnham & Weston Energy Sunshine Fund
Burnham & Weston Energy CIC’s solar bond offer raised £4 million in 2018, making it one of the UK’s largest community energy crowdfunding campaigns to date.