Dear Member,
Formal notice of Annual General Meeting – Tuesday 19th August 2025, 7:00pm
We are pleased to formally announce our upcoming Annual General Meeting (AGM) to be held on Tuesday 19th August 2025 starting promptly at 7:00pm. A link will be emailed to you on the day of the AGM to allow you to join our livestream. It will also be published on the member dashboard of our website.
The purpose of the meeting is as follows:
- Vote on the appointment of Francis Clark as auditor for the next set of Co-op and SPV accounts
- Project review, highlights and considerations and plans for the onsite launch with the project partners
- Review of Ripple Administration and future partners of Derril Water Solar Co-op
- Review of Member Payments including Purchase Price Agreement (PPA)
- Answer as many member questions as time permits
If you’d like to ask a question to the Co-op board and have it answered during the AGM, please log in to your member dashboard and navigate to ‘Submit a question for the AGM‘. We’ll collate and de-duplicate these ahead of the AGM and seek to answer as many as possible during the meeting.
Member Update
This update is designed to help you understand both the remaining steps to energise the site and the subsequent milestones required before we can begin distributing member savings. While every effort is being made to keep to this schedule, please note that all timings remain subject to change. The Derril Water Co-op Board continues to work diligently with our partners, holding each accountable to ensure progress, quality, and momentum are maintained.
We will provide further updates on Wednesday 16th July and Wednesday 30th July. These will be short updates to update you on if any of the below dates have been challenged or if the project remains on track based on the timeline below.
Upcoming Project Timeline
June 2025
- WC 30 June: Mechanical works to complete.
- WC 30 June: Meter installations commence.
- WC 30 June: Cold commissioning completes (testing and verifying the site’s electrical and control systems prior to energisation).
July 2025
- WC 7 July: Energisation confirmed with the Distribution Network Operator (DNO).
- WC 21 July: Hot commissioning completes (the site is energised and undergoes full system testing).
- WC 21 July: G99 witnessing (final grid compliance tests).
- WC 21 July: Final Operational Notification issued by DNO.
- WC 28 July: Synchronisation and start of electricity exports to the grid.
August 2025
- 19 August: Derril Water Annual General Meeting (AGM)
- Operational phase begins.
- Ongoing monitoring and resolution of any outstanding commissioning issues.
- Appointment of Managed Services Partner(s) to support long-term operations, member services, account administration, and regulatory filings.
September – December 2025
- Onboarding and transition to the new Managed Services Partner(s).
- Continued operational oversight and performance monitoring.
- Preparation of financial records in advance of audit requirements.
- General Meeting and election process for Co-op board directorship.
January 2026
- Submission of audited Co-op accounts for the year ending 30 June 2025.
February 2026
- First distribution of member savings (see below for further information concerning this).
March 2026
- Submission of SPV accounts to Companies House.
Distribution of Member Savings
As outlined in the original share offer document, a portion of the Derril Water Solar Park was financed through a loan from Virgin Money. Under the terms of this loan:
- Export revenue is first deposited into a restricted “Proceeds Account.”
- After six months of generation has accumulated, the bank deducts amounts due for loan repayments and reserves sufficient for the following six months of operations.
- The remaining funds are then released to the Co-op and can be distributed to members.
This process has been contractually agreed since the loan was arranged and is a standard prudent approach for flows of revenues that will be applied now that Ripple has gone into administration. Given that electricity exports are expected to begin WC 28 July 2025, the first month’s payment will be received at the end of August. This means the first six-month accumulation will conclude by the end of January 2026, allowing member distributions to begin in February 2026.
At this stage, no final decision has been made regarding the method of distribution (via energy bill savings or direct bank transfers). Both options are being actively assessed and we anticipate confirming the preferred approach in the near future.
Thank you for your continued support and patience during this critical phase. We remain focused on delivering a successful project that brings long-term renewable energy benefits to all our members.
All the best,
Derril Water Solar Co-op Board