Refinancing of the operational hydro scheme at the Totnes weir on the River Dart

About Dart Renewables

Dart Renewables owns and operates a 360 kW hydro power scheme at the Totnes weir on the River Dart in South Devon. The hydro scheme was built in 2015 and was partly funded through a £1.3 million bond promoted by Triodos Bank.

The hydro scheme has now been operating successfully for over two years. In the 12 months to 31 January 2018 the scheme generated over 1,330 MWh of clean electricity – enough to power the equivalent of approximately 320 homes and save the equivalent of 600 tonnes of CO2.

The hydro scheme benefits from guaranteed index linked payments for the next 17 years under the government's Feed-In-Tariff scheme. In addition, around one third of the total forecast income over the term of the bonds is expected to come from the sale of clean electricity to a nearby secondary school and an aluminium foundry at mutually beneficial rates.

The hydro scheme incorporates a modern fish pass, allowing salmon and sea trout to move past the weir in order to reach historic spawning grounds on Dartmoor. Over time fish numbers should increase leading to ecological restoration of the whole river. Dart Renewables also provides tours and educational sessions on site for local school children.

The bond offer

Dart Renewables seeks to raise up to £1.8 million to repay the £1.3 million bond issued in 2015 and to repay outstanding directors' loans.

Before deciding to invest, you must read the Dart Renewables 2018 bond offer document. The offer document can be downloaded at the bottom of this page.

Key Terms

Issuer

Dart Renewables Limited

Target amount:

£1,800,000

Term:

10 years, final repayment expected on 30 April 2028

Minimum investment:

£500

Interest:

5% gross per year, increasing in line with the annual retail price index each year from May 2019. Payable net of UK basic rate tax (unless held in a Triodos Innovative Finance ISA or a SIPP). Payment of interest and repayment of capital are not guaranteed.

Security:

In order to protect bondholders' interests, the bonds are secured by way of a first ranking legal charge over all the assets of the company. This asset security does not mean that capital or interest payments are guaranteed in any way.

Early repayment option:

Dart Renewables has the option to repay the bonds in full or in part, without penalty, at any time after three years.

Transferability

Bonds are transferable but are not listed on any investment exchange which means that bondholders will have to find a willing buyer and agree a purchase price with them. Investors should be prepared to hold the bonds for their full 10-year term.

Covenants

In order to protect bondholders' interests, restrictions on the company taking on further borrowing and making distributions to shareholders apply.

Minimum raise

Bonds will be issued if at least £1,400,000 is raised. If not, then investors’ monies will be returned with no accrued interest.

Timetable

Opens on 19 March 2018 to existing 2015 bondholders only and publicly on 9 April 2018. Closes on 11 May 2018 (unless fully subscribed earlier or if the directors, at their sole discretion, decide to extend the offer). Upon reaching the minimum raise, bond certificates will be issued to investors who have already subscribed. However, the offer will remain open until 11 May 2018 or once the target amount is reached. As a result of launching to existing 2015 bondholders first, some of the offer may be filled by the point of public launch on 9 April 2018

Risk warnings

Investment decisions must only be made on the basis of the offer document and not on any information provided in this summary. Investing in Dart Renewables bonds is not the same as investing money in a bank account as your capital is at
risk and you may not get back the full amount that you invested. Dart Renewables bonds are not covered by the Financial Services Compensation Scheme.

Dart Renewables Limited is a company registered in England (07098258). Registered address: Manor Farm, Kirkham, York, North Yorkshire, YO60 7JS.
Promoted by:
This financial promotion has been issued and approved by Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales with branch number BR3012). Authorised by the Dutch Central Bank and subject to limited regulation in the UK by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Registered office: Triodos Bank, Deanery Road, Bristol, BS1 5AS. VAT reg no 793493383.

Calls to and from Triodos Bank may be recorded for training and monitoring purposes.