The information below is designed to give simple answers to some common questions.
Who are the main players in all this?
Falck Renewables Ltd are the project owners and operators. They are a family-owned Italian company.
Energy4All Ltd is a company set up by the successful Baywind Energy Co-op in Cumbria to help other communities own a share in renewable energy projects. They negotiated the deal with Falck and have advised and supported the board of the Kilbraur Wind Energy Co-op. Energy4All will provide management services to support its operation.
The Kilbraur Wind Energy Co-operative. This was created by Energy4All and is run by a board of directors from the membership.
How does a co-op work?
Co-ops are run on the basic principles of democracy, fairness and ethical behaviour.
Everyone who invests in the Kilbaur Co-op becomes a member.
Each member has a single vote at General Meetings of the co-op.
In other respects, the co-op is like any business and seeks to run efficiently and profitably.
Will the co-op own a share in the project?
The co-op will not own shares in the operating company that runs the site. However it will own a stake in the net income that is generated by the project, so the effect is quite similar.
What is the minimum return I shall receive?
The average return is 8.7%. Within this, there is a minimum return of 6.5% each year, which is guaranteed by Falck. Under the terms of the agreement with Falck, any return above 6.5% depends on site performance, which is dependent on many factors set out in detail in the Offer Document.
When will I get my payments?
Payments must be approved by co-op members at the AGM. Usually the AGM takes place in the Spring after the close of the co-ops financial year on 31st December.
Will I get my money back?
Under the terms of the Offer, members are entitled to the return of their capital at the end of the project, i.e. 25 years.
Can I get my money out early?
This is a long term investment and shares are not traded on any stock market. However some members may need to get their money out early, so two mechanisms are in place:
Firstly, Energy4All always tries to put willing sellers in touch with willing buyers.
Secondly, the co-op has the right to redeem up to 5% of its capital each year after 5 years have elapsed, so members have a way to get their money back if they need to on a first come first served basis.
In the event of death?
A members shares in the co-op are treated just like any other asset if someone dies.
What happens if the site changes ownership?
Falck currently has no intention of selling the project. However if it wishes to do so it will seek to secure the rights of the co-op with the new owners. If they will not agree to this, Falck will buy out the co-op so members will receive back their capital, plus compensation.
Will the co-op get involved in other activities?
This is up to the members. Other Energy4All co-ops like to support activities like educational visits to the site and local environmental projects.
What about the extension to the wind farm?
Any extension to the wind farm will be at the discretion of Falck Renewables.
If any extension takes place, existing members of the co-op will likely have the right to buy shares in the extension
