Blog

Dear member,

Thank you to everyone who has been in touch following our recent update. We appreciate your patience while we work through a very high volume of queries. We have read all the emails sent to us but given the large membership (Over 9,000 people) we cannot reply to queries on an individual basis.

As such, to provide clarity as quickly as possible before Christmas, we have summarised below the answers to some of the most frequently asked questions we have received.

We hope this helps address common queries and provides reassurance during this period of transition.

Q.1   When am I receiving my first payment?

At this stage we are not yet able to confirm an exact date for the first member payment. As outlined in our recent update, the solar farm has only just completed commissioning, and the delay to summer generation has affected initial revenues. In addition, we are currently transitioning to a new member payment system, with payments to be made via our new member registrar, Ethex, once onboarding is complete early next year.

Under the new payment model, and subject to available funds, member savings payments are intended to be made twice yearly: an initial payment in August, based on management accounts, and a second payment in December, based on audited accounts.

We appreciate your patience during this transition period and will continue to keep members updated through our quarterly newsletters and AGM communications.

Q2.     Have I lost my investment?

No. Your shareholding is in Derril Water Solar Co-op not Ripple Energy (which went into administration earlier this year). The changes relate only to how member savings payments are administered and paid, not to members’ ownership or capital.

Under the Ripple Energy model, member savings were to be paid via a partner electricity supplier. As explained in our recent update, that approach is no longer possible, so we are moving to a new model where member savings payments are made directly to members via our new member registrar, Ethex. The basis of the member savings payment remains the same. We are just changing how the payment is made.

Once onboarding with Ethex is complete early next year, you will receive instructions on how to set up your Ethex account. Through that account you will be able to:

• view your shareholding,
• download your share certificate and tax statements, and
• choose where your member savings payments are sent (for example, to your bank account).

Q3.     Transfer of shares to spouse or family member?

As set out in the share offer, Derril Water Solar Co-op shares are “withdrawable” but not transferable. This means you cannot sell your shares directly to someone else, but the co-operative can buy them back from you (subject to available funds). If you die your shares can, however, be transferred to someone else.

We are in the process of appointing Ethex as our new member registrar. Applications for withdrawal and probate transfers will be handled through the Ethex platform once onboarding is complete early next year. At that point, you will be able to initiate a withdrawal or probate request through your Ethex member account, and Ethex will guide you through the required steps.

The sale of shares/buy back by the board is only by exceptional circumstances in the first 2 years, and then subject to available funds thereafter. 

Q4. A shareholder has passed away

If you are a family member or next-of-kin of a shareholder who has sadly passed away, please contact us if you have not already done so. If you have already informed us of the person’s death, and/or sent us documentation, Ethex will contact you once the onboarding is complete early next year.

Q5.  I already have an Ethex account, do I need a different set of instructions?

Once Derril Water Solar Co-op has completed onboarding with Ethex, your membership and shareholding will be linked to your existing Ethex account using the email address we hold on record for you. You will receive an email from Ethex confirming when this has been done and explaining any next steps, if required.

All the best,
Derril Water Solar Co-op Board

Dear member,

As we near the end of 2025, which has been a roller-coaster of a year, we are writing to update you on how things are going with Derril Water Solar farm and our co-operative.

This newsletter covers:

• Construction progress update
• Upcoming AGM
• Transition to new member payment model
• Transition to our new management services provider and member registrar
• Change of address

Construction progress update

The solar farm is largely complete and the commissioning tests required to lift the constraint on export to the grid were finally completed on a sunny day last week. Commissioning was originally due to complete in the early summer and the lost summer generation has of course had an impact. 

The Co-op board are seeking legal advice on delay damages due under the construction contract. Given the complexity of such cases, we anticipate this could be a lengthy process.

Our construction contract manager RES continue to oversee the construction contractor Ethical Power. Weekly calls are held to monitor progress against milestones and completion of outstanding works.

AGM

Our auditors PKF Francis Clark are still working on the audit for the year ending June 2025 so the AGM will be delayed until early next year. The AGM will be held online and the notice, agenda and accounts will be sent out at least 2 weeks ahead.

If you would like to get involved in governance of Derril Water Solar Co-op we would welcome nominations for new directors to stand for election at the AGM. Please use the holiday period to consider this. We will include more details with the AGM notification.

Transition to new member payment model

At our EGM in August the volunteer board explained we will need to change the way energy savings payments are made to members. The model set up by Ripple of paying members via a partner energy supplier is no longer possible. Instead, energy savings payments will be made direct to members via our new member registrar Ethex (see below).

The new member payment model will be:

• Savings payments will be made via the Ethex platform rather than a partner energy supplier.
• As described in the share offer and subject to available funds, members will continue to be paid 3% of their capital each year with an energy savings payment based on the difference between the price at which the solar farm sells power to the grid and the solar farm’s cost of generation (including solar farm operating costs, group companies’ admin costs, loan finance costs, and reserves).
• Payments will be made 2x per year rather than monthly. Subject to available funds, the intention is to make a payment in August based on the management accounts. This will be a repayment of 1.5% of member capital. The remaining payment will be made in December based on the audited accounts. This will be a payment of a further 1.5% of member capital plus the rest of the energy savings payment.

The board does not consider that the co-op’s trading relationship with its members will be affected by the change for two reasons:

1. The co-op’s trading relationship with its members, which was approved by the Financial Conduct Authority (FCA), is based on members owning a share of the solar farm that would generate no greater than 120% of their annual electricity consumption. That cap remains in place.

2. Payments to members remain member savings as described in the offer, they are just paid to members by a different method. The co-op will continue to sell its power to a domestic electricity supplier.

However, members should be aware that the Co-op’s trading relationship with its members may be subject to future review by the FCA.

The tax treatment of the energy savings payments will remain the same under the new model. Member savings to be paid via a partner energy supplier were treated as a combination of capital and share interest payments for tax purposes. The share interest element of the member savings payment is taxable. Members will be able to download a tax statement from their Ethex platform account. Members should seek their own tax advice if they are not sure.

Transition to our new management services provider and member registrar

Our new management services provider Communities for Renewables CIC (CfR) has started their onboarding process and will be taking over the administration of the Co-op and our subsidiary company over the coming weeks. CfR’s role includes financial administration, supporting the volunteer board of directors, supporting member communications and managing our loan agreement with Virgin Money.

RES (who have overseen the construction of the solar farm by Ethical Power) will be our asset manager responsible for overseeing operation of the solar farm including performance reporting and managing the maintenance contractors.

Ethex will shortly be appointed as our member registrar. Ethex is a direct impact investing platform that helps individuals invest in organisations building a fairer, greener future. Since 2013, it has helped over 29,000 people invest in community energy, social housing, ethical finance and more, and has raised over £130million to date.

Ethex’s member relations and registry service provides organisations such as Derril Water Co-op with a secure online member dashboard. As a Derril Water Co-op member, your Ethex dashboard will allow you to:

• Upload and update your personal details
• Download share certificates and tax statements
• See member alerts from Derril Water Co-op
• Choose where your member savings payments are sent (i.e. to your bank account or Ethex wallet)
• Tailor your communication preferences – including opting in to hear about other impactful investments through Ethex

Once we have completed the onboarding process with Ethex we will send members an email with instructions on how to set up their Ethex account. This will not be until early next year. You do not need to do anything in the meantime.

Communication from us

Looking ahead, we will be publishing a newsletter every quarter, which will be sent to you by email. These newsletters will be sent around one week after each board meeting is held and will include board updates, updates on the performance of the solar farm, member matters and general news from Derril Water.

Unresolved queries

Whilst we appreciate that queries sent during this transition period may not have been replied to, if you have any questions that have not been covered by this update, please contact us by sending your outstanding query to [email protected]

Change of address

Given that Communities for Renewables will be managing us going forward, we will be changing our registered address from 85 Great Portland Street, first floor, London, W1W 7LT to  c/o CfR CIC, Redruth House, Cornwall Business Park West, Redruth, Cornwall TR16 5EZ.

[email protected]

We wish you a pleasant Christmas and New Year.

All the best,
Derril Water Solar Co-op Board

Dear Member,

Site Update

Further to the last update sent in September, the team continue to work hard to lift the 20% export limitation affecting the site. Following some questions from members, we’d like to clarify this 20% export limitation is 20% of the total site capacity, opposed to 20% of generation at any given time. Due to the time of year, we expect this will have had a minor impact on our generation revenues.

The damage caused to MVS2 (Medium Voltage Station 2) has now been repaired by the manufacturer and we would like to provide the reassurance that this repair has not impacted any warranty for the MVS unit, nor did it require any additional payment by the Co-op. Subsequently, we’re now waiting for Ethical Power to book a G100 retest. Once passed, this will enable us to have the export limitation lifted and the site will become fully operational.

You can expect to receive the next update once this test has been completed and we know the outcome. As the test is currently not booked and it is dictated by the availability of NGED engineers, we’re unable to provide any indication at this point as to when it will occur, only that we’ll continue to press the issue on your behalf with Ethical Power until the test has been completed.

Board Minutes

Copies of the minutes from the Co-op board meetings held on 25th September 2025 and 30th October 2025 are now both available within the members section of the Derril Water website. There are sometimes additional details or pieces of information contained within the minutes which are not covered in the higher level updates.

Site Data

Progress has continued to be made towards the access to the SCADA (Supervisory Control and Data Acquisition) data and whilst it will take some additional time and work for us to begin sharing live feeds with you via our website, we’re pleased to share a snapshot of todays generation below. The site hit a peak output of 6,300,000W at 13:30pm today.

Coming Up…

In a future update, we’ll be providing you with a more detailed update concerning the onboarding of our new Managed Services Partner, Communities for Renewables and the upcoming Director elections and December AGM.

All the best,
Derril Water Solar Co-op Board

Dear Member,

Site Updates

Thank you to those who were able to attend the EGM on 19th August. For those who have not yet seen, you can watch a recording of the meeting via the link on your member dashboard.

On site, it was found that one of our MVS units (Medium Voltage Stations) had been damaged during transit, resulting in a leak through its roof. If you do not know what a MVS unit is – it is similar in size and shape to a shipping container. It comes to us fabricated as a finished article which is ready to be wired into the solar farm. Once all seven of these units are wired, there is very little reason to enter them. This meant the next time access was required (to complete tests with NGED), the leak and subsequent damage was discovered. Our partners, Ethical Power, are in contact with the manufacturer of the MVS unit and repair/replacement options are being considered to get the best and quickest outcome for the Co-op.

Despite initially delaying the tests, NGED were ultimately able to proceed with completing the G99 tests and these were signed off on 4th September 2025. Following this we were able to begin exporting 20% of our generated power (with an expectation that this limit would be removed following the completion of the G100 tests).

G100 tests were then completed on 10th September however NGED determined that so long as one of the MVS units remained ‘out of action’, the 20% limit to exports would remain in place. Ethical Power are continuing to work on a resolution.

Member Payments

Following the discussion at the EGM about the generation earnings and bank finance payment schedule, we have confirmed with Virgin that this cycle is fixed to the end of the 6th and 12th months of the year. Subsequently the first set of generation money will be made available to the Co-op at the beginning of January 2026. To manage expectations, we’d highlight we expect very little generation over the next few months and therefore do not expect there will be any meaningful revenue to distribute. Subsequently members should not expect to receive any payments until the beginning of July 2026.

To reaffirm a point shared at the EGM – members should expect that their savings payments will be made direct to their bank accounts. Therefore you do not need to consider the co-op in making future decisions about who supplies your energy. You are free to select and use any provider you wish.

Other Updates

We’ll soon be providing details as to which Co-op directors will be standing down at the end of the year and further information about the time and date of the AGM in December 2025. If you’re considering standing as a Co-op director, we’d encourage you to begin thinking about preparing a personal statement which outlines your suitability for the role and likewise your vision the Co-op if you are elected.

In other news, the draft contract for the MSA (Master Service Agreement) is with the lawyers for review with the hope that we’ll be able to onboard our new services partner in October 2025.

Finally the draft EGM minutes and July Board Meeting minutes are now available within the members area for your review.

All the best,
Derril Water Solar Co-op Board

Dear Member,

Please accept our apologies that this update is arriving a day late. As planned, the engineer from National Grid Energy Distribution (NGED) was on site yesterday (Friday, 8th August) conducting the G99 tests, however the full scope of the tests were not completed by the end of the day. No points of failure have been found, the engineer requires more time to finish the tests and sign off the G99.

The next steps are that the engineer will continue the G99 tests and we’ll send our next update once this has completed and we have an outcome to share with you.

All the best,
Derril Water Solar Co-op Board

Dear Member,

As committed in our last update dated 16 July 2025, we wanted to provide you with a brief update on our progress towards our plan towards energisation and export of electricity from Derril Water Solar Park.

Summary

Our plan to energise the site has been delayed by a week, changing from WC 28 July to WC 4 August. A key milestone we need to achieve before we can begin electricity exports is to have completed the G99 grid compliance tests. Prior to that, we need to complete ‘hot commissioning’ of the site. This, in turn, requires energisation of our own ‘customer’ substation on site (the DNO’s substation has already been energised, as previously reported).

The tests required before energising the customer substation are varied and, it should be noted, are highly specialised, utilising niche testing equipment—a requirement due to the massive volumes of volts and amps which are being dealt with. One test failed, and whilst we investigated the cause of the failure, our window to pass the subsequent G99 tests closed.

I’m pleased to say that, following a re-test, we have now passed the pre-energisation tests. However, it required us to book a new appointment with National Grid to come and work with us to initiate the exports to the grid. It is for this reason that it has been delayed by a week. Hot commissioning of equipment will be carried out between now and WC 4 August.

July 2025

• Delayed – WC 21 July WC 4 August: Final Operational Notification issued by DNO.
• Delayed – WC 28 July WC 4 August: Synchronisation and start of electricity exports to the grid.

The next update you’ll receive will be sent on Friday 8th August 2025.

All the best,
Derril Water Solar Co-op Board

Dear Member,

As committed in our last update dated 27 June 2025, we wanted to provide you with a brief update on our progress towards our plan towards energisation and export of electricity from Derril Water Solar Park. For brevity, this update will focus on planned activities until the end of July 2025.

Summary

Work on site continues to progress at pace. All of the solar panels, inverters and meters have now been installed and the site has been energised to the DNO building. In the coming weeks, final tests will happen in the presence of the DNO allowing the site to energise to the grid and allow us to begin selling our electricity to the grid via our Power Purchase Agreement (PPA).

June 2025

• Completed – WC 30 June: Mechanical works to complete.
• Completed – WC 30 June: Meter installations commence.
• Ongoing – WC 30 June: Cold commissioning completes (testing and verifying the site’s electrical and control systems prior to energisation).
  • This activity started to plan and is running to plan. It is scheduled to finish ahead of Hot commissioning which is scheduled to begin WC 21 July

July 2025

• Completed – WC 7 July: Energisation confirmed with the Distribution Network Operator (DNO).
• On track – WC 21 July: Hot commissioning completes (the site is energised and undergoes full system testing).
• On track – WC 21 July: G99 witnessing (final grid compliance tests).
• On track – WC 21 July: Final Operational Notification issued by DNO.
• On track – WC 28 July: Synchronisation and start of electricity exports to the grid.

The next update you’ll receive will be sent on Wednesday 30th July 2025.

All the best,
Derril Water Solar Co-op Board

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

Dear Member,

We hope this message finds you well. Please take a moment to read this important update covering several key topics.

Ownership, Tax, and Shareholding Clarifications
We understand there have been questions around ownership, taxation, and share trading. Here’s a brief overview:

• Savings (also referred to as bill credits or dividends) come in two parts:
  • The 3% share capital repayment, which is non-taxable.
  • The trading benefit, which is treated as taxable interest income for most UK taxpayers.
• The tax position of your savings is unaffected by how you receive them (whether as a bill saving payment or as a direct payment to your bank account).
• Full details of the tax treatment can be found in Appendix 5 of the Share Offer Document, which is available on the new website in the “Documents” section of your member dashboard.
• For most members, the trading benefit will fall within their personal savings allowance. More information about taxable interest income and the personal savings allowance is available here: https://www.gov.uk/apply-tax-free-interest-on-savings.
• Shares in the Co-op are not directly transferable from one private individual to another. Any share transfers (including in the event of a sale or upon death) must be approved and facilitated by the Board.
• On the topic of death, whilst it is something most of us would rather not think about, it is better to be prepared. The website will soon include a facility that will allow you to nominate up to four beneficiaries to whom your share will be transferred in the event of your death. We’ll let you know when this is ready for you to use.
• Members can now also visit their dashboard and click on “Edit Profile” to add themselves to the waiting list for buying more shares. Although we will not be facilitating additional share purchases for a while, we wanted to give members the opportunity to express their interest.

For those seeking further detail about ownership, a dedicated page is now available here: https://derrilwater.com/understanding-your-membership-in-derril-water-co-op/.
Additionally, your dashboard now shows your original investment value and your current holding value to help you better understand your investment. We encourage members to seek independent tax advice if they have questions about how these arrangements may affect their personal tax position.

Update on Begbies Traynor Group Ltd Statement
Members may have noticed that £77,963.63 is listed as owed by Begbies Traynor Group Ltd. We want to reassure you that the Board is in contact with them to address this matter. We will share further updates as soon as it is appropriate to do so.

Project Update and Next Steps
The project is in its final stages of construction, with energisation still planned for this summer. Once the site has been energised, a General Meeting will be called to discuss next steps and provide members a clearer picture of how the Co-op will run in the future. In the meantime, the member dashboard has just been updated with the April 2025 board minutes. Please read these documents for an additional depth of information concerning the delivery of the project.

We thank you for your continued support and patience as we work to bring the Derril Water Solar Park online and secure the long-term future of the Co-op.

All the best,
Derril Water Solar Co-op Board

Dear Member,

We’re writing to provide clarity on several frequently asked questions and share important updates as we continue moving towards energisation and future operations.

New Member Website – Now Live!

Our new website is now live at https://derrilwater.com and will become your central hub for member information and engagement.

Getting Started:

Registration: Please register using the name and email address you originally provided when signing up with Ripple. This allows us to verify your membership against our records. If your details have changed, you’ll be able to update these after your registration is confirmed.

Access and Features: After verifying your membership, you’ll receive an activation email. Once logged in, you’ll be able to view your wattage ownership, access Co-op board minutes, and participate in member polls. In the future, we’ll introduce additional features such as live solar generation data and an API for your personal use.

Need Help? If you no longer have access to your original email address, please contact us at [email protected]. We’ll manually verify your identity and provide access.

Staying in Touch – Email Communications

Some members had issues receiving our previous email update. Most of these have now been resolved, but if you’re still experiencing problems, please email us at [email protected]. We’re committed to ensuring every member stays informed and connected.

Selling Site Power

As mentioned previously, the Derril Water SPV has entered a short-term agreement with EDF to sell electricity from the solar park. This arrangement is purely to generate revenue for the project—it does not mean members must be supplied by EDF. Your choice of energy supplier remains completely yours and does not affect your ability to receive savings.

Member Savings – How Will They Be Paid?

We’re currently exploring two options for delivering your member savings:

• As a credit on your electricity bill
• As a direct payment to your bank account

We’re also considering how often payments should be made. No decision has been finalised yet, and your input will help shape our approach. Please visit the poll section in your Member Dashboard on the new website to share your thoughts.

Selecting a Managed Services Partner

Choosing a new Managed Services Partner is an important outstanding task. This partner will support the Derril Water Co-op and Derril Water SPV by managing operations and acting as an agent for the boards. Their responsibilities might be more focused compared to Ripple, ensuring strong value and efficient member support.

Thank you once again for your continued support. The board remains focused on energising the project and delivering lasting benefits for all members.

All the best,
Derril Water Solar Co-op Board