Category: Solar Energy

January 2022 Dividend

SolShare Pays Investor Dividends for 8th Year
New Share Offering Coming in April

 

For the eighth year in a row, since establishing in 2014, SolShare Energy paid a dividend to our community of investors. For the period from January 26, 2021 to January 26, 2022, investors received $1.99 per C2 share, which was an annualized dividend yield of 4.0%.

 

SolShare Energy currently operates two solar energy plants in Vancouver. These plants are owned by our community of local residents, along with Vancouver Renewable Energy Cooperative, our operating partner.

 

A contract has been signed to build a third plant in the spring of 2022. In April there will be a share offering to raise capital for this plant. BC Residents will have the opportunity to become joint owners of this project for as little as $1,000 and receive annual dividends. If you’re interested in joining SolShare for our next investment, please join the wait-list at https://www.solshare.ca/contact-us/

 

About SolShare Energy

 

SolShare Energy is BC’s first community-owned solar energy investment program. SolShare’s mission is to enable investors to share in ownership of a diverse portfolio of renewable energy installations throughout BC that offer financial, social, and environmental returns. Solshare Energy is a project of Vancouver Renewable Energy Co-operative(VREC).

SolShare Pays Investor Dividends for 7th Year

For the seventh year in a row, since establishing in 2014, SolShare Energy paid a dividend to our community of investors. For the period from January 30, 2020 to January 26, 2021, investors received $1.98 per C2 share, which was an annualized dividend yield of 4.0%.

 

SolShare Energy currently operates two solar energy plants in Vancouver. These plants are owned by our community of local residents, along with Vancouver Renewable Energy Cooperative, our operating partner. A third plant is planned for 2021 and we are in early negotiations for more solar plants that will be located throughout BC. It is anticipated that future plants will also include Indigenous ownership. SolShare makes it possible for the general public to invest in community power projects for as little as $1,000.  If you’re interested in joining SolShare for our next investment, please join the waitlist.

 

About SolShare Energy

 

SolShare Energy is BC’s first community-owned solar energy investment program. SolShare’s mission is to enable investors to share in ownership of a diverse portfolio of renewable energy installations throughout BC that offer financial, social, and environmental returns. Solshare Energy is a project of Vancouver Renewable Energy Co-operative(VREC).

Indigenous Owned Utilities in BC

A recent article in The Conversation discussed a proposal to change rules around Indigenous energy utilities.

Although this article makes several important points we think it confuses the current state of Indigenous Utility ownership. Currently Indigenous communities can run clean energy utilities. And several do. They can also create new utilities. The problem is those utilities are limited in what they do. For example, they can engage in generation but are limited in what they can do with transmission or distribution. In BCH rate Zone 1 they are limited in size (but not in Zone 2).

It also possible to set-up utilities that operate off-reserve but with limited scope.

As the article correctly points out Indigenous Communities should have the right to own and operate utilities that are not subject to the current restrictions.

But we should be encouraging Indigenous Communities to set up utilities (or take ownership in utilities like SolShare Energy) under the current rules as well as working to change the rules.

The Economics

It is also important to do the math. For many First Nations communities they would be better off economically operating or jointly owning a utility under the current rules rather than the expanded options in the proposed changes.

For example in Zone 2 communities it would be more profitable to operate a generation facility under the current rules than own distribution infrastructure which BCH currently subsidies. In Zone 1, First Nations could sell power at 50% more through a utility like SolShare Energy compared to a utility that sells through a re-opened SOP program.

Based on our calculations there are over $60 million in economic opportunities for First Nations under the current utility rules.

We are here to help

As a utility operating in BC we are currently planning 5 new renewable power plants. Our plan is to include indigenous ownership in all of these. Some are on-reserve and some off.

We would be happy to speak with Indigenous peoples about how they can take advantage of the current rules to increase indigenous ownership of renewable energy utilities in BC.

SolShare Pays $2.08 Dividend

SolShare Energy has paid a dividend of $2.08 per C2 share for the period from January 15th, 2018 to January 30th, 2019. This is up from $1.78 for the previous period and is an annualized dividend yield of 4.0%.

SolShare Energy currently operates two solar energy plants in Vancouver and is exploring opportunities to add additional plants throughout BC. The plants are owned by local residents who are paid the dividends. SolShare makes it possible for the general public to invest in community projects for as little as $500.

SolShare Energy’s Second Plant in Vancouver

If you are interested in investing in community solar energy with Solshare Energy, check out our FAQs page.

Own a Share of Vancouver Community Solar Energy Project

Solshare Energy is once again offering an opportunity to own a share of a solar energy plant based in Vancouver.  Shares in this round are available starting January 15th.  A limited number of shares are available.

A 27 kW solar energy plant is currently being built and is the second in Solshare’s portfolio. Funds raised will be used to purchase this plant. Electricity produced from the plant will be sold and the owners will receive dividends based on those sales.

Solshare currently operates one solar energy plant that has been in production for two years. Three rounds of dividends have been paid to investors. For the current funding round a minimum of $1,000 is need for investment. Funds must be received before January 24th.

“We’ve talked to many people who want to support solar energy but either don’t own a suitable house or can not afford the full up-front investment. This is a great way for those people to own solar energy and receive some financial benefits.” says Solshare Energy co-founder Rob Baxter.

Solshare will be holding an open house at their offices on January 15th from 11 AM to 4 PM. This will be a chance for potential investors to ask questions and get help filling out the forms required to invest.

About Solshare Energy

Solshare Energy is BC’s first cooperatively owned community solar energy project. Solshare’s plan is to own a portfolio of renewable energy installations throughout BC that will engage BC residents and offer financial, social, and environmental returns. Solshare Energy is a project of Vancouver Renewable Energy Co-operative (VREC).

Financial statements and documents for potential investors are available at Solshare Energy’s website: solshare.ca

SolShare investments now qualify for RRSPs and TFSAs

Now you can get a tax advantage for supporting local renewable energy projects! Future investors in SolShare’s community solar projects will have the option of putting the investment in a self-directed RRSP or TFSA.

SolShare is BC’s first cooperatively-owned community solar project. Our first plant has been producing power for over a year. During the first year we paid out $1.63 per share (shares are bought at $50 each).

Our second plant is scheduled to begin construction in August. Over the next two months we will be doing another round of investments. The minimum investment for this round is $1,000.

We work with a trust company that charges a $55 annual fee to administer the RRSP/TFSA. This may not be a good option for investors who will be buying at the minimal amount. But if you are looking at making a larger contribution it is something to consider.

If you are a client of Western Pacific Trust Company you may be able to add the SolShare Energy shares to your self-directed RRSP / TFSA  without any additional fees.  If you have a self-directed account with another broker or wealth manager you may want to see if they will allow you to add privately held shares from SolShare.  We can provide the legal documentation to support SolShare’s eligibility.

2nd Dividend Paid to Solshare Investors

Solshare Energy has now paid its second dividend of $0.19 per share for the period of 12/08/2015 to 01/20/2016. Solshare investments are Class C2 investments and receive 3.3% annualized interest.

These dividend payments were followed by a second opening for investments, contributing to a total $69,000 raised in share capital from investors.

If you are interested in investing in community solar energy with Solshare Energy, check out our FAQs page.

IMG_3994

About Solshare Energy

Solshare Energy is BC’s first cooperatively owned community solar energy project. Solshare’s plan is to own a portfolio of renewable energy installations throughout BC that will engage BC residents and offer financial, social, and environmental returns. Solshare’s first installation was a 23kW system installed in east Vancouver. Solshare Energy is a project of Vancouver Renewable Energy Co-operative (VREC).

Quarterly Update from SolShare (Nov 2016)

Quarterly Update (Aug – Oct 2016)
Plant 1 Production 6,925 kWh
Total from all plants 6,925 kWh
Revenue $916  
     
YTD Production 21,619 kWh
YTD Revenue $2,882  
     
YTD Cash Return on Capital Invested*
 3.79%  
Annualized
 4.74%  

* This calculates EBITDA (Earning before Interest, Taxes, Depreciation/Amortization) / Capital Invested

SolShare Working with Local Community Groups

Solshare is happy to work with local BC Community Groups that want to set up a cooperatively owned solar project.

 

Why work with SolShare?

Given the economics of grid-tie solar energy in BC it is important to keep costs low in order to give your investors a good return on investment. There can be considerable costs associated with incorporation and meeting the requirements of the BC Securities Commission. By working with SolShare those costs are shared.

 

Here is what you need to set up a co-cooperatively owned community project with SolShare:

1. Investors

A group of investors, willing to invest at least $1,000 to own part of the larger solar array.

 

  • Usually we will need at least 70 investors at $1,000 each. Of course if some investors are willing to contribute more than you will need fewer investors.
  • Investors should expect to receive dividends at least once a year.  The most recent dividend we paid was 4% but we expect to raise the dividend rate as we add new projects.
  • We take care of all the paperwork required by the BC Securities Commission. We use an “offering memorandum” to inform investors about the project and meet the requirements of the Securities Commission.
2. The Site

A building where the owner or tenant is willing to pay for the electricity generated by the solar.

 

  • The first step is to identify a local business, organization or institution that will buy the solar power. Explain that they will be getting a solar system installed at their location with no upfront costs and no maintenance costs. But they will be pay for the electricity generated. They need at least 360 square metres (4,000 sq. ft.) of roof space or ground that is clear and un-shaded. And annual electrical consumption of at least 36,000 kWh
  • Although there are not upfront costs, the building owner does pay for the electricity produced by the system. They also still purchase any additional electricity needed from the utility. So, they are now paying two bills for the electricity but the total paid is less than what they were paying the utility (BC Hydro) previously. This PPA model has been approved by the BC Utilities Commission and is supported by BC Hydro.
  • The best candidate would be a business or organization that is keen to install solar energy but does not have the capital to do so. Supermarkets and grocery stores also can be good potential sites because their need for refrigeration often means there is a good correlation between their demand charges and peak solar production.Once a good candidate is identified, we need to look at their billing information to see if they can save money with a PPA. Ideally we would get a year’s worth of billing data. We also many need to get additional information about their demand curve from the utility company (BC Hydro).

How can you save by cooperating with SolShare?

  • Incorporation costs – we have already incorporated
  • BC Securities Commission compliance – unless you are raising a small amount with a small group of people you will need to file a Prospectus (which can cost $80,000 or more) or use another exemption.  We are using the Offering Memorandum exemption which requires paperwork to be filled and records kept.  We have templates and a database system already set-up to handle the paper work and filing.
  • Audit Costs – If you are using the Offering Memorandum exemption you will need to get an annual financial audit done at least once.  This can cost $8,000 or more.  By sharing the Audit costs amongst more than one project we reduce the costs and allow more profit to be returned to investors.
  • Administration Costs – We take care of the accounting and record keeping.  We also have automatic electronic funds transfers set up to handle the payment to investors.

Community Solar Project Showcase and Tour

Solshare Energy is hosting a Community Solar Project Showcase and Tour on March 30th, 2016 to present BC’s first community owned solar energy project producing clean energy. The 23 kW photovoltaic plant, recently installed in East Vancouver at Vancouver Cohousing, a multi-family residential complex, officially began production recently. Bullfrog Power provided construction financing for the project and has been a great supporter of the community solar project. The project is one of the first leasing projects under BC Hydro’s Net Metering Program.

The launch event is open to the public and will include brief remarks by Vancouver City Councillor Andrea Reimer, free hot drinks, snacks, door prizes, mini tours of the community solar project and more!

Wednesday March 30
3:30pm-6:00pm
3:30pm: Solar Tours every 10 min
4:00pm-4:40pm: Remarks from Vancouver Renewable Energy, Bullfrog Power, Vancouver Cohousing and Vancouver City Councillor Andrea Reimer
4:40pm-6:00pm: Solar Tours every 10 min + mingling

Vancouver Cohousing
1733 E 33rd Avenue, Vancouver

RSVP to the event here>>

About Solshare Energy

Solshare Energy is BC’s first cooperatively owned community solar energy project. Solshare’s plan is to own a portfolio of renewable energy installations throughout BC that will engage BC residents and offer financial, social, and environmental returns. Solshare Energy is a project of Vancouver Renewable Energy Co-operative (VREC).

If you have any questions about the event, please contact:

Kathryn MacDonald
778-869-8333
kathryn@vrec.ca

Van CC Cohousing solar
Vancouver Cohousing Solar
90243

kWh Generated

11223

Dividends Paid

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