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Sminig Energy Society Ltd. t/a Urras Energy Society is registered as a Community Benefit Society with the Financial Conduct Authority (Reg No 7020).
Three 900kW wind turbines are operated by its subsidiary, Galson Energy Ltd., at Baile an Truiseil, Isle of Lewis. Galson Energy Ltd. is now a wholly owned subsidiary of Urras Energy Society. One turbine was installed in autumn 2013 and two additional turbines were installed in summer 2015.
The Urras Energy share offer for the two additional wind turbines closed at the end of February 2015 and achieved a total of £705,800 from 167 investors who are the shareholders. The arithmetic average investment was £4,226 and the most common amount invested was £1,000. This share offer was outwith the scope of the Financial Services and Markets Act 2000.
A large number of the investors were able to take advantage of SEIS and EIS tax relief from HMRC before the UK Treasury removed this from developments benefitting from renewable energy incentives in late 2015.
Total project cost was £5.0m with loan finance of £3.8m from Triodos Bank and the balance coming through further loans from Urras Energy and Urras Oighreachd Ghabhsainn. Due to the security requirements of Triodos Bank, a subsidiary company was required and consequently, share funds had to be provided via a loan.
Share offer funds proved critical in aiding cash flow during construction as completion of due diligence by Triodos Bank took longer than expected and so loan finance was not available during the majority of the construction period.