Young Henrys 2.0Round two community solar project!
Young Henrys have done community solar with us once before and now they want to do it again!
Young Henrys, the infamous inner-west brewery run by a bunch of beer and community legends, did solar with Pingala in 2016 invested in by 74 of its most devoted beer lovers backed by Clover Moore and her team at City of Sydney, now they are ready to do it again! We installed a 29.9kW solar project on the roof of their boutique brewery in Wilford St, Newtown, raising $17,500 in 9 minutes by raffling the share packets to invest in the newly formed Pingala Co-operative.
Member-Shareholders have been enjoying a 5-8% dividend since then. However many committed people missed out on the initial beer barrel raffle, so here’s your chance folks, we’re going to do it again!! Young Henrys has since gained use of the building opposite their famous tasting bar and we’re going to cover it with solar panels, designed and installed by Solargain. Put your details in below to show your support for the project and we’ll be in touch with how to progress.
This additional generation add a 39.6kW solar system on their adjacent building. The project will finish at the same time as the initial install, in 2026. We hosted the most incredible community investor event back in 2016 and we’ll make sure we have a community covid safe celebration once this second project is installed!
At Pingala we do things differently, because we believe the old way of making energy is fundamentally broken. We’re building a fairer energy system that puts community at the heart of the solutions.
Read on – we hope you find this information easy to understand, but if you have any problems, please don’t hesitate to reach out and contact us to discuss things further.
Cheers! Nigel, April & the Pingala team
Show your support for Young Henrys 2.0 by putting your details in the form belowWe'll be in touch shortly with how to progress
Young Henry already has a 33kW solar project on the roof of their Brewery in Newtown. This new project is going to cover the roof of their warehouse. It’s a 39.6kW solar system.
Young Henrys is partnering with Pingala and Solargain to undertake this next 2.0 project.
Pingala is asking the Young Henrys community to show their interest in the project.
Young Henrys will continue to pay for the solar electricity generated for the remaining 6 years. This additional revenue stream will allow us to repay the community over time through the Pingala Co-operative.
The Pingala Co-operative will be offering shares valued at $1 in packets of 250, with a maximum of 4 share-bundles per person. This new project has the potential to allow around 140 new Young Henrys beer drinkers to become involved in their solar project!
Community members who invest in the Pingala Co-operative will become members as well as shareholders in the Co-op. This means they become 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.
At the end of 6 years the system will be nominally sold to Young Henrys and the Shareholders will remain a member of Pingala with their returned capital reinvested in new renewable energy projects. If there are no new projects, then the funds will be returned and the shares in Pingala bought out by the Co-operative.
All potential investors are invited to submit expressions of interest to buy between 1 and 4 packets of shares at $250 per packet. Any expressions of interest must be able to take up an offer of investment in the Co-operative, but an expression has no obligation to invest. Once we have received enough EOIs to cover the full cost of the system we will raffle the names of the potential investors and those people who have been chosen will be contacted and invited to invest.
If you think you might want to invest, here’s how you can do so:
- Read the Pingala Rules and Disclosure Statement at the bottom of this page, there are also some handy hints in the FAQs below. It is important that you consider your personal financial situation when deciding to invest. Seek independent financial advice if unsure.
- Submit your Expression of Interest (EOI) to participate
- Await your invitation once the draw has taken place
- Send your Investment money within 3 days of the completion of the “Invitation to Invest” to guarantee you shares.
- Still have questions? Contact Pingala’s finance team at firstname.lastname@example.org
Remember, you need to determine your own ability to make this investment and you need to decide if the risks of this investment match your profile and personal circumstances. We cannot advise you on your financial affairs and you should consult a professional financial advisor before you make any major investment decisions.
Who is Pingala?
What is a Co-operative?
What is the investment offer?
This is an opportunity to invest in the Pingala Co-operative by becoming a member and purchasing shares. The shares sold in this offer round will raise funds to support the development of the Allambi Care Community Solar Project. Although the shares are being sold to finance the Allambi Care Project, the investment offer is to become an ongoing member of the Pingala Co-operative and thereby a part owner in the portfolio of projects being managed by the Co-operative. The Rules of the Pingala Co-operative Limited and the Pingala Disclosure Statement set out the conditions of membership, share issues and the overall investment proposition.
How many shares can I buy?
Can I purchase more than $1,000 of shares? Can I purchase less than $250 of shares?
How do I invest?
- You will need to submit an Expression of Interest (EOI) to invest. You can do this by completing the EOI form at the bottom of the page. Make sure you tell us how many share packages you would like to reserve; either 1, 2, 3 or 4 share packets (see above “How many shares can I buy?”).
- In this form you will also apply to become a member of the Pingala Co-operative.
- You will need to transfer your money to the Pingala Co-operative via electronic fund transfer (EFT). *IMPORTANT: You will only have 3 business days to transfer funds to Pingala, missing the deadline may mean missing out on the opportunity to invest.
- Pingala will then send you a receipt for your investment and a shareholding statement, along with an information pack explaining how dividends will be paid to you, and other important facts.
What is the rate of return on my investment? When are dividends paid and how often?
What happens after the 3 year project life is over?
You will be investing in the Pingala Co-operative, not the Allambi Care Project, so your shares won’t expire at the 3 year life time. Pingala Co-operative will reinvest this capital into other equivalent projects, maximising the impact of your share contribution and allowing you to continue enjoying a return on investment beyond the 3 year project.
What if I need to access my capital? Can I sell my shares? How soon can I sell them?
- Finding another member to buy your shares. This is the preferred method of selling your shares. You can either find a buyer yourself or you can use the Pingala Shares for Sale register. People who are interested in purchasing shares can view the register and request Pingala to put them in touch with the prospective seller.
- Pingala repurchase of shares. This is recommended for situations where a buyer cannot be found and there are urgent reasons for selling shares. You can apply to the Co-operative to repurchase your shares and in most circumstances this will be possible. The Co-operative is not obliged to repurchase shares if it will be detrimental to the Co-operative.
Can I complete a joint application?
How do I pay for the shares?
Who will own and manage the project once it has been installed. Will I be able to contact someone if I have a question about my shares?
Will the dividends be franked?
Rules – our constitution
Co-operatives have a constitution just like companies do, but they’re called Rules. The Rules set out the ways in which the Co-operative operates, the obligations of members, the purpose of the organisation and the way in which meetings are run and so forth.
Disclosure Statement – a bit like a prospectus
Pingala Co-operative is a for-profit entity. Technically this is what is known as a distributing co-operative. That’s just a fancy way of saying we distribute surplus/profit to our shareholders. So, we’re a for-profit Co-op.
Just like a company needing to issue a prospectus if they make a public offer to investors, our Co-operative must always have an up-to-date Disclosure Statement that outlines the financial involvement and liability of member-investors as well as the overall prospects of the organisation into the future.
This is your main document to determine what sort of investment you’ll be making if you were to become a member and buy shares. The document includes a section on risk, which you should pay particular attention to (although all parts of the document need your attention, so don’t just read the risk section!)