Results of 2017 AGM

Sydney Renewable Power Company reports that the items of business contained in the 2017 Notice of Meeting were both passed unanimously by shareholders at the Annual General Meeting held on 30 November 2017

 

A recording of the meeting can be found HERE and the presentation HERE.

Chairwoman's Letter to Shareholders

Chairwoman's Letter to Shareholders

Dear fellow shareholder,

It is my pleasure to invite you to attend Sydney Renewable Power Company’s (SRPC) 2017 Annual General Meeting (AGM) and provide you with an overview of SRPC’s performance.

2017 Annual General Meeting
We hope you will be able to join us for SRPC’s AGM, its first as a public unlisted company.

  • On Thursday 30 November, 2017
  • At 6.00pm
  • In the Boardroom at Boroughs, Chartered Accountants, Level 6, Skygarden, 77 Castlereagh St, Sydney, NSW, 2000

Items for consideration
Click here to access the 2017 Notice of Meeting. It outlines the items for shareholders to consider at the meeting.

Our AGM is an opportunity for you to share your views directly with the Board and hear from the Directors about SRPC’s progress.

If you are not able to attend the meeting in person, but would like to vote on the items of business, you may do so by casting a Direct Vote or appointing a proxy. Further information on how to do either of these things is noted on pages 2 and 4 of the Notice of Meeting.

Electronic shareholder communication
In keeping with SRPC’s environmental focus, we have avoided physically printing and posting reports and communications. SRPC's reports and notice of AGM are being given to you electronically because under SRPC's constitution, shareholders are required to agree to receive notifications from the company electronically.

All shareholders are entitled to receive, free of charge, a copy of the reports for each financial year or a copy of a concise report if one is prepared. In the interests of keeping all shareholders informed our default position is to notify every shareholder by email that the reports are available for download at our website, www.sydneyrenewable.com when the reports are published. If you wish, you can opt to not receive these notifications. Also, at any time, you can ask us to send you a copy of the most recent results. 

2017 Financial Year Overview
The 2017 Financial Year was an exciting period for your company. We completed the oversubscribed share offering, commenced generation and saw the PV Array perform better than expected when compared with the forecasts outlined in the October 2016 Offer Information Statement (OIS).

Successful share offering
In April 2017 we completed our share offer and raised $1.47 million. In a show of confidence in SRPC, the offer was oversubscribed. Consistent with SRPC’s focus on creating an investment for small-scale investors, all applicants were allocated at least one share, resulting in 146 holdings in the company.

Financial Performance
Net profit after tax (NPAT) for the 12 months ended 30 June 2017 was $47,100, 39% ahead of the OIS forecast of $33,775. Earnings per share for the same period was $90 per share, compared to the PDS forecast of $65. NPAT was ahead of the forecast in the PDS reflecting higher than expected electricity sales and higher than expected income from the sale of large-scale generation certificates.

Generating ahead of forecast  
For each month since December 2016, when generation commenced, your PV Array has generated electricity ahead of the minimum required to deliver the forecast 545 MWh in its first full year of production.

The directors are committed to making distributions to shareholders as soon as practicable after having due consideration of the performance of the PV array to date and other factors outlined in the OIS.

The 2017 Financial report, Directors’ Report and Auditor’s Report, all of which have been lodged with ASIC, and are available here.

Thank you for your support and we are looking forward to seeing you at the meeting.

Yours sincerely,

Allegra Spender
Chair, Sydney Renewable Power Company

Sydney Renewable's 2017 AGM details and notice

We hope you will be able to join us for SRPC’s 2017 Annual General Meeting - its first as a public, unlisted company.

  • On Thursday 30 November, 2017
  • At 6.00pm
  • In the Boardroom at Boroughs, Chartered Accountants, Level 6, Skygarden, 77 Castlereagh St, Sydney, NSW, 2000.

Items for consideration

Click here to access the 2017 Notice of Meeting. It outlines the items for shareholders to consider at the meeting.

Our AGM is an opportunity for you to share your views directly with the Board and hear from the Directors about SRPC’s progress.

If you are not able to attend the meeting in person, but would like to vote on the items of business, you may do so by casting a Direct Vote or appointing a proxy. Further information on how to do either of these things is noted on pages 2 and 4 of the Notice of Meeting.

The 2017 Financial report, Directors’ Report and Auditor’s Report, all of which have been lodged with ASIC, and are available here.

Sydney Renewable's results for FY2017

Sydney Renewable has released its results for the financial year ending 30 June 2017. The financial report, directors' report and auditor's statement, all of which have been lodged with ASIC, can be downloaded here

Sydney Renewable Welcomes New Shareholders

The board of Sydney Renewable Power Company is delighted to announce that the company’s share offer was oversubscribed and the company now has 146 shareholders.

Investors in SRPC have helped achieve a number of firsts. We are the first community renewable power company to install solar panels right in the heart of a capital city, the first to adopt a public company structure and the first to install solar panels as part of a large public private partnership.

More importantly investors have helped make a powerful demonstration that groups of individuals can draw together to speed up the much-needed roll out of renewable energy in Australia. On a personal level the volunteer board has been thrilled to receive so much support for a project that began as an idea in a coffee shop in 2013 and has now raised well over $1 million dollars and is producing enough electricity to power 100 homes.

We will provide an update on the performance of the PV array after the end of this financial year. By that time the array will have been operating for more than 6 months in a full range of weather and shading conditions. For now we can say that we are very pleased with the performance of the array and we are excited to have entered the operational phase of the project.

Please do not hesitate to contact us at using the contact form on our website if you have any questions.

Sydney Renewable issues first invoice

Sydney Renewable issues first invoice

Sydney Renewable is off to a great start in 2017. The PV Array is operating, the first invoice has been issued and the share offer is progressing well. 

Operational Update


SRPC has powered into 2017 after the 520kW solar installation on the rooftop of Sydney’s International Convention Centre (ICC) generated electricity throughout December 2016.

With the PV Array now contributing to the ICC’s energy requirements, and with us moving into the contract period for the electricity generation, we have issued our first invoice to the convention centre manager, Darling Harbour Live (DHL).

To have it up and running - generating electricity for its customer DHL, and revenue for its future shareholders is the achievement of one of the most major milestones in the life of the company!

Share Offer Update

Our $1.47 million equity raising, launched in early November 2016 is progressing well.  We’ve been pleased with the response to the Offer and the rate with which Applications are coming in. The Offer is due to close on 17 March 2017, however this may change if the Board exercises its right to close the offer early.

We have been encouraged by the level of interest in what we are doing at SRPC. Given this, we have developed a two-page Fact Sheet to provide those interested with an overview of the company, the PV Array and the equity raising. We hope people find it informative and useful.

Thank you again for all your support for Sydney Renewable. If you have any questions, feel free to email info@sydneyrenewable.com.au or contact us on +61 2 8004 6858.

The Sydney Renewable Power Company Team

Can’t get solar on your roof? Here’s how to invest in community solar instead

Our share offer as covered by The 5th Estate

A community solar project comprising Sydney’s largest CBD solar installation is now open for public investment.]

The public is being offered 519 shares priced at $2750 in the $1.5 million, 520-kilowatt project, which is housed on top of the new International Convention Centre at Darling Harbour, spanning the equivalent of 12 tennis courts.

Earnings per share are estimated at $107 for the 2018 financial year (the first full year of operation), which works out as a 3.9 per cent return on investment. The power purchase agreement also includes a three per cent price increase per kWh a year, according to project creator Sydney Renewable Power Company.

The offer is expected to be particularly attractive to those wanting to support the solar industry but are unable to currently do so, such as apartment dwellers or renters.

SRPC director Andy Cavanagh-Downs told The Fifth Estate the share offer responded to the idea that more than charity was needed to address climate change, and offering financial benefits along with the environmental outcomes could help to spur much-needed change.
“So many people in the community want to see a faster transition towards renewable energy generation than is currently occurring,” he said. “SRPC provides those individuals the opportunity to speed up this transition by allocating capital to the financing of such projects.”
He said it had also been a great way for people outside of the renewables industry to make a contribution, including the directors and volunteers.

There are a number of risks, though, including that the panels might not produce as much energy as forecast, due to poor weather, or even shadowing from new buildings. A 35-storey hotel, ICC Sydney, is being built to the north of the solar array, though has been factored into modelling. What hasn’t been included is potential overshadowing from proposed developments by Grocon at the IMAX site, Mirvac at Harbourside Shopping Centre and a hotel development proposed by Star Casino.

An offer information statement said the board was unable to assess the impact of any of these proposed developments on the business of SRPC beyond the forecast period, as detailed information was not yet available.

Mr Cavanagh-Downs told The Fifth Estate there was some mitigation of risk of overshadowing due to the existing city skyline to the east, the harbour to the north-east, and heritage buildings to the west that limited the likelihood of further build out.

The installation in on-track to start delivering power to ICC Sydney in mid-December, and is expected to contribute up to five per cent of the building’s power needs.

Mr Cavanagh-Downs said without the hard work of SRPC solar wouldn’t have been included on the building.

“It shows you can integrated commercial solar on these types of developments going forward. Hopefully it’s made it easier for similar types of projects to go ahead.”

He said SRPC was “very happy” to share learnings from the project with others considering doing this sort of scale of solar project.

Australia's biggest CBD solar power project open to public investment

This is how The Guardian covered the launch of our share offer

The company responsible for Australia’s biggest CBD solar installation has invited public investment, making it the first community renewables project in Australia with a public share offering.

Sydney Renewable Power Company’s 520kW solar installation on top of the new International Convention Centre in Darling Harbour is the size of 12 tennis courts and will generate enough electricity to power about 100 homes each year.

Andy Cavanagh-Downs, the founding director of the project – which was set up and is run by a volunteer board – said he believed it was the first volunteer-run, for-profit company in Australia.

Cavanagh-Downs said the company’s founders wanted to find a way to involve the public directly in transitioning the economy away from fossil fuels.

“We’re clearly going to undergo a change as we move from a high-carbon to a low-carbon economy,” Cavanagh-Downs said. “Change can be awkward to deal with and the more you involve people in that process, the more that they’re part of it, the quicker and easier that change can come about.

“The other bit that we thought was attractive was – not everyone can put solar on their roofs.“This is a really good way for renters and apartment-dwellers to invest in solar.”

The group will sell 519 shares in the unlisted public company, raising almost $1.5m to repay the loan that was used to finance the project.

Most of the company’s revenue comes from an agreement with the managers of the International Convention Centre, who will buy all the electricity produced by the installation. The company will also sell the renewable energy certificates it gets through the federal renewable energy target.

Each share, which costs $2,750, is roughly equivalent to owning 1kw of capacity and the company is expecting to make investors a return by paying dividends of at least $35,000 after the first seven months of operation, amounting to about $105 per share after the first year. That figure should increase each year, since the power purchase agreement includes a price increase of 3% each year.

In addition, the company will divide up its capital each year, distributing it to investors, since it aims to wind up after 25 years.

The project faces risks from a range of factors, including the potential of reduced solar output from bad weather or new buildings nearby creating shade.

Cavanagh-Downs said the company had no immediate plans to raise capital for any further projects but the board was keen to share its experience with others who were interested in creating similar projects.

Sydney Renewable Launches Share Offer

Sydney's largest CBD solar PV Array has opened for investment Sydney Renewable Power Company (SRPC), an unlisted public company, which has the 25- year concession to finance and manage Sydney’s largest CBD solar PV Array, is now open for public investment.

The PV Array, located on top of the new International Convention Centre (ICC) in Darling Harbour, covers the equivalent of 12 tennis courts in size and will generate enough electricity to power approximately 100 homes each year.

The public offer is being made specifically to the community and retail investors – to ensure that people who want to invest in clean energy, have accessible investment options.

Founding Director, Andy Cavanagh-Downs said; “So many people in the community want to see a faster transition towards renewable energy generation than is currently occurring. SRPC provides those individuals the opportunity to speed up this transition by allocating capital to the financing of such projects.”

The offer of 519 unlisted shares to raise $1,427,250, will be used to repay the loan used to finance the development of the 520kW rooftop, solar PV Array. SRPC’s revenues are underpinned, through an off-take agreement with Darling Harbour Live (DHL). SPRC will sell all the electricity generated to Darling Harbour Live (DHL), the ICC’s manager, under a 25-year agreement which includes annual price escalation. SRPC expects to be cash flow positive from the first invoice it issues in 2017.

Allegra Spender, Chair of the SRPC Board; “SRPC is more than just an infrastructure investment, as alongside the expected financial returns, it is designed to deliver social and environmental benefits. The Board believes this is an exciting opportunity for Sydney-siders who want to own their own clean energy infrastructure.”

Making this offer available to retail investors was a founding principle of SRPC’s volunteer Board. Accordingly, an Offer Information Statement that has been lodged with ASIC and is available via the SRPC website.

Panels installed and Project entering testing and measurement phase

Sydney Renewable Power Company is proud to announce that all the solar panels on our International Convention Centre (ICC) Sydney system have been installed, and the project is now entering its testing and measurement phase.

Lend Lease confirmed that all 2004 panels have now been installed across the 3 locations on the ICC Site - Convention Centre Ballroom Roof, the Darling Harbour Theatre Roof and the Main Theatre Roof. The array covers 3200 sqm of roof space.

Now that this is complete, we will move to the verification testing phase. The purpose of this phase is to check that the panels are generating the level of electricity that they are modelled to generate, based on actual weather conditions. While the final output of the project will depend significantly on the weather, this verification testing is there to ensure that given the weather, the panels are performing as intended.

The testing phase will last for 45 days and SRPC will review the results with Lend Lease and Canadian Solar.

Once this test is passed, the installation will be deemed to be ready. We are getting very close now! 

The Sydney Renewable Power Company Team