PEC Renewables is a Community Benefit Society, set up in 2014 by Plymouth Energy Community to fund, install and manage community-owned renewable energy installations.
The first PEC Renewables AGM was held on 13th November 2014.
Dave Garland, first Chair of PEC Renewables, gave an enthusiastic overview of installation progress and generation to date. Then members officially received the Directors’ report and Interim Financial statements for the year ended 30th June 2014. Bromhead Chartered Accountants were confirmed as the auditors of the company for the ensuing year and directors were authorised to set their remuneration.
The new elected Board of Directors were:
- Dave Garland
- Chris Penberthy
- Tracey Sherston
Questions & answers
Can you tell us about a future share issue?
We can tell you some details, yes. We are in advanced talks with 4 sites to deliver even more energy generation than last issue – last time it was 0.8MW this time 1.3MW. This will again be through retrofitting solar PV panels to roof tops. We are hoping to launch this in January to early February 2015. It is exciting. There is a real appetite for investment and we will have more PECR sites generating power by next summer.
Are we likely to use other renewable technologies?
There is solar, solar thermal, biomass and we are looking at the feasibility of each. Strangely, Plymouth Sound is no good for wind power. It’s great for sailing but not wind power. It’s good for tidal too.
The last share offer exceeded the total number needed for sales. There seems to be an audience for what we are doing?
There certainly is. The government may change the rules on tax allowance however and this could affect a certain type of investor. We are looking to move quickly to take advantage of the tax laws. PEC and PCC installs have increased total level of solar power produced in Plymouth by 6-7% in just one year. Next year that’ll go up again. It’s good news for investor members.There certainly is. The government may change the rules on tax allowance however and this could affect a certain type of investor. We are looking to move quickly to take advantage of the tax laws. PEC and PCC installs have increased total level of solar power produced in Plymouth by 6-7% in just one year. Next year that’ll go up again. It’s good news for investor members.
What does 0.8MW mean?
That’s the energy use of around 250 homes. So with another 1.3MW - around another 400 homes.
You mentioned 4 sites in Plymouth. Can you look outside of that area?
PEC’s ambition is in and around Plymouth. Rural solar may come in at some point but there is a lot of work to be done in the city. The first issue chose Primary schools as we had a fast route in the through the Association of Primary Headteachers and also with the support of the council. We are thinking of the wider area.