Engynious Schools

by Engynious Schools PLC
Debenture

Signed off by Abundance

About the project

More about the project

Technology
 
Various technologies are used in the manufacture of solar PV panels – however, they all operate to convert sunlight directly into electricity (rather than using the heat from the sun to generate electricity). The amount of electricity that can be generated in a year at any given site will depend on a number of factors, including among others:
 
•  The annual amount of solar irradiation the site receives, which will depend on where in the country the site is located and the amount of cloud cover and/or pollution it experiences during daylight hours at different times of the year.
 
•  The orientation and tilt of the rooftop and solar panels – south-facing rooftops receive more direct sunlight which is more effective than sunlight arriving at an angle due to reflection and refraction off the glass surface of the panels. When installed on a flat roof, the solar panels are mounted on a rack so they can be positioned and angled to most effectively capture the available sunlight.
 
•  The energy conversion efficiency from sunlight into direct current electricity of the solar panels used, taking account of the fact that the solar panels can be expected to be very slightly less effective as time goes by – the manufacturers’ warranties for the panels in our system (which will either be ones made by Sun Earth, Innotech Solar or ReneSola or equivalent product of equal or better type and quality) all estimate performance to be at least 80 per cent after 25 years.
 
•  The energy conversion efficiency from direct current electricity into alternating current electricity of the inverters used (which will either be ones made by Samil Power or Power One, acquired by and to be named ABB from 1 May 2014).
 
13736137575_5eb67c91fc_zTo estimate the amount of electricity Engynious expect to generate they use a software system called PV-Sol, which is widely used in the industry for simulating photovoltaic system performance. Engynious import the irradiation data through the Meteosyn plugin from the Meteonorm 7 database and adjust the installation parameters such as inclination, orientation and equipment configuration to match each PV system. The software performs complete calculations and produces an estimate of the “yield” which can be expected from that system. The yield is number of kWh per kWp that can be expected over a year taking into account the variables outlined above.
 
Prior to this offer, the 21 PV systems that are already installed at 19 schools were financed by partial use of a £1,200,000 shareholder loan from Engynious AG to Engynious Clean Power (which own the rights to the PV systems and School Licences).
 
Once the Minimum Threshold Amount of £300,000 is reached, both the PV systems and the School Licences will be assigned to Engynious. Proceeds from this offer will go to repay the shareholder loan to Engynious Clean Power (in whole or in part). Engynious AG will also extend a loan of up to £1,000,000, which will pay for the transfer of ownership of any PV systems and School Licences not covered by the proceeds from the offer.
 
Any part of the shareholder loan which is outstanding after the Debenture funding will be subordinate to the Debentures. This means that any repayments of the shareholder loan will only be permitted after a cash reserve (defined as the Reserve in the Debenture Deed) has been set aside and the Debenture holders have been paid their Cash Return.
 
The shareholder loan will also rank after the Debentures on any insolvency of Engynious Schools. The PV systems are all grid connected, generating energy and revenues from the PPAs with the schools. Applications to receive the Feed-in Tariffs have all been submitted with two awaiting confirmation and one site (11kW) yet to submit an application. They have been designed and developed and, going forward, will be monitored, managed and maintained by Engynious GmbH. Engynious GmbH has also overseen their installation (the installation work was subcontracted by Saliis Ltd to MCS accredited installer Premier Renewables (NI) Limited).
 
All the systems are generating as expected apart from the one at Sir John Nelthorpe, which is experiencing issues with grid voltage that causes the system to trip out regularly. Engynious is in touch with the local grid operator to resolve this. It says this does not affect the ability to pay Cash Returns.
 
 

 

Share your comments

Opinions and comments mentioned on the Trillion Fund Web site are the personal views of individual contributors. Trillion Fund takes no responsibility for these views.

What do you think?

You need to be logged in in order to post comments
Login
Important - Please Read

Before you buy any loans or investments advertised on this website, you should make sure that you fully understand the risks which are set out in the relevant Invitation Document and you should determine whether the loan or investment is suitable for you on the basis of all the information contained in the Invitation Document. Specifically, in the event that the provider becomes insolvent you may lose some or all of your capital. If you are in any doubt about the contents of this website or the Invitation Document or the action you should take, you are strongly recommended to consult a professional financial adviser. Read more about the risks here.