SolarShare November update

Good news, we’ve just ticked off one more requirement for the SolarShare flagship project.

The ACT Government’s requirement for community ownership has meant we needed to establish a separate class of shares for this project so that revenue from the Mt Majura Solar Farm, which is underpinned by the ACT Government’s feed in tariff, will go to ACT residents.

Following a successful vote at our AGM in late October, we have adopted the separate share classes just for the Majura project: Flagship project asset specific shares (FPASS) (‘Majura shares’).

This means:

  • Flagship project shares will entitle the holder to the rights and proceeds, dividends and distributions specifically from our flagship project at the Majura site.
  • Each flagship project share will be stapled to an ordinary share.
  • Holders of flagship projects shares will have the same rights to future share issues and same voting rights as other shares holders (1 member: 1 vote).
  • A member must be an ACT resident at the time the share is issued.
  • A flagship project share, within the first 3 years of its issue date, may only be sold or transferred to ACT residents.

Other changes to the SolarShare Constitution to come out of our AGM include:

  • Clause 10 on pre-emptive rights needs has been removed to ensure the board is able to continue the policy of prioritising investors based on the date they registered on the website.
  • SolarShare Chair, Nick Fejer, gave a brief overview of the current state of play of our Flagship project. Highlights include:

  • We have completed our submission to the ACT Government regarding the change in structure at the end of May 2017. In this submission we told the Environment, Planning and Sustainable Development Directorate that we intend to move all current shareholders to a new class of shares, call “Majura” shares.
  • We have held two meetings with Minister Rattenbury in the previous 6 weeks. After the second meeting, on 29th August, we felt the Minister completely understood our submission. We are waiting for the next steps from the Ministers office and the Environment, Planning and Sustainable Development Directorate.
  • We have met with ActewAGL to reconfirm the situation with regard to the grid connection cost.
  • Additionally we are progressing our rooftops business and hope to have the first of these projects ready for commencement soon. As we now have the ability to separate investments, we will be able to offer future rooftop projects to investors in the ACT and beyond.

Thank you all who attended the AGM.

Sunny regards, The SolarShare team