Young Henrys - NewtownServing the people, powered by solar
The Young Henrys Project
In August 2016 we raised $17,500 from the community of Newtown and Young Henrys beer drinkers.
It was our first project and it was a great success!
We had the amazing Clover Moore speak at our event and MC Founder of GoGet.
We had over 200 of the community attend and want to invest in the project.
Young Henry has a 33kW solar project on the roof of their Brewery in Newtown. It covers roughly a third of their total consumption!
Solar power for Young Henrys is being funded by the local community, the Pingala community and Newtown locals. Young Henrys pays for the solar electricity generated for 10 years post installation and this revenue stream will repay the community investors with an attractive rate of return between 5 to 8% p.a. through the Pingala Co-operative.
The Pingala Co-operative offered shares valued at $1 in packets of 250, with a maximum of 4 share-bundles per person. We had 54 people able to invest in the Young Henrys Project and their names are now on the wall in the tasting bar!
Community members who invested in the Pingala Co-operative will become members as well as shareholders in the Co-op. This means they became co-owners of the Pingala Co-operative.
The Pingala Co-operative seeks to deliver dividend payments to its members of between 5% and 8% per annum. The Board of Directors of the Co-operative have discretion to determine the dividend to be paid each year and they have fiduciary responsibility for managing the Co-operative for the benefit of member-shareholders.