About Dove Renewables

Dove Renewables owns two hydro schemes. The Norbury weir scheme is a wholly-owned 100 kW single turbine hydro scheme on the River Dove in the Peak District. It was built in 2016 and was partly funded by an £800,000 bond promoted by Triodos Bank. The scheme was commissioned in December 2016 and has been performing to target since.

Dove Renewables also owns a 56% stake in the Sowton weir scheme on the River Teign on Dartmoor which began operating in 2013.

The two schemes generate an average of 820 MWh of clean electricity each year – enough to power the equivalent of approximately 200 homes.

The hydro schemes benefit from guaranteed index linked payments for the next 15 and 17 years under the Government’s Feed-in Tariff programme. In addition, around 55% of the total electricity generation is currently sold to local organisations at mutually beneficial rates.

The Norbury Weir scheme

Following construction in 2016, the Norbury weir is home to a single turbine 100 kW hydropower scheme. The scheme began operating in December 2016 and in the financial year ending 31 March 2018 generated 510MWh of clean electricity – enough to power approximately 120 homes1.

The scheme receives payments under the government’s Feed-in Tariff (FIT) scheme at a current rate of 19.47p/kWh which will increase in line with inflation and is guaranteed for a further 17 years. The electricity
generated from the scheme is currently used to power a local aluminium foundry with surplus electricity generated sold to the grid. The blended export rate secured in the financial year-ending 31 March 2018
was 5.81p/kWh and this is expected to rise to 6.93p/ kWh from January 2019 following the recent agreement to enter into an improved power purchase agreement (PPA) with F&S Energy Limited from 1 January 2019.

As part of the construction of the new scheme in 2016, a new best practice fish pass with automatic fish counter was built alongside the turbine. This allows salmon and trout to ascend the weir and reach historic
spawning grounds. Since the introduction of the new pass, there has been a large increase in the number of fish observed passing the weir at Norbury, from almost zero in 2005 to well over 500 in 20172. The data from
the fish counters is essential for monitoring the health of the fish population in the river as well as long-term changes due to pressures such as climate change, fishing pressure at sea and changes in land use.

1. Estimate based on the most recent statistics from the DECC showing that annual UK average domestic household consumption is 4,115 kWh.

2. 2005 data came from the River Trent Salmon Restoration Annual Report, Environment Age (Cyster, 2005). Totals for 2017 were taken from the fish camera installed as part of the new fish pass installation at the Norbury Weir in 2016.

The Sowton weir scheme

The Sowton weir scheme was developed and commissioned by the Dove Renewables team in 2013 and has a generating capacity of 90 kW. Since being commissioned, annual generation has averaged 310MWh/year – enough to power approximately 80 homes1. As with the Norbury scheme, environmental considerations played an important role in its development and a key feature was the installation of a modern fish pass which allows fish to travel freely both ways across the weir ensuring greater movement and increased population numbers. The scheme receives payments under the government’s Feed-in Tariff (FIT) scheme at a current rate of 22.77p/ kWh which will increase in line with inflation and is guaranteed for a further 15 years. Surplus electricity generated is currently sold to the grid - the blended export rate secured in the financial year-ending 31 March 2018 was 5.92p/kWh and this has risen to approximately 7.94p/kWh from October 2018 following the recent agreement to enter into an improved power purchase agreement (PPA) with F&S Energy Limited from 1 October 2018.

The 2019 Dove Renewables bond offer

The construction of the Norbury weir scheme in 2016 was partly funded by a £800,000 eight-year bond issue promoted by Triodos Bank. The terms of the 2016 bonds allow Dove Renewables to refinance those bonds at any time after 31 March 2019.

Now that the Norbury weir scheme has been operating for two years, the Directors are seeking to exercise that right through the issue of 2019 Bonds on the terms below to repay 2016 bondholders. The Directors are also looking to raise sufficient capital via the Bond Offer to repay £215,000 of outstanding shareholder loans. Some shareholder loans will remain in the Company following the successful issue of the 2019 Bonds.

Prior to launching this Bond Offer publicly, the Company is first giving existing 2016 bondholders the opportunity to roll over their original investment into the 2019 Offer.

Key features of the 2019 Dove Renewables Bond Offer


Dove Renewables Limited.




11 years, final repayment on 31 March 2030.

Minimum investment:



5% gross per year, increasing in line with the annual retail price index each year from April 2020. Payable in arrears on 31 March each year (net of UK basic rate tax unless held in a Triodos Innovative Finance ISA when interest will be paid gross). Investors should note that the payment of interest and repayment of capital are not guaranteed and are dependent on the continued success of Dove Renewables’ business model. Interest will accrue from the date the bonds are issued.


The Bonds are expected to be repaid in nine equal annual instalments with the first instalment payable on 31 March 2022 and the final instalment payable on 31 March 2030.

Early repayment rights:

The Directors can, at their sole discretion, repay the Bonds in part or in full with effect from the first scheduled capital repayment date (31 March 2022). In addition, in the event of the death of a Bondholder or in other exceptional personal circumstances, the Company may repay an individual Bondholder early. However, such early repayment will be at the Company’s discretion and subject to sufficient cash being available.


The Bonds are eligible to be held in a Triodos Bank Innovative Finance ISA and can be held in a self-invested personal pension (SIPP).


The Bonds are secured by way of a first ranking legal charge over all the assets of the Company and its subsidiaries but this asset security does not mean that capital or interest payments are guaranteed in any way. An independent Security Trustee will be appointed to represent the Bondholders’ security interests.


A negative pledge regarding other borrowings until the Bonds are repaid in full. This prevents the Company from taking on any other interest-bearing debt or from increasing its overall level of borrowing in that time. Whilst the Bonds remain outstanding, repayment of outstanding shareholders loans (including interest on those loans) are precluded aside from the initial £215,000 permitted payment using the proceeds of the Bonds. Dividends and share capital distributions to founding shareholders are also not permitted during the term of the Bonds.


Bondholders will receive a Dove Renewables annual report and will be invited to the Company’s annual general meeting each year.


Bonds are transferable but are not listed on any investment exchange which means that Bondholders will have to find a willing buyer and agree a purchase price with them. Investors should be prepared to hold the Bonds for their full 11-year term.


The Offer opens on 7 January 2019 to existing 2016 bondholders only and publicly on 1 February 2019. The Offer will close at noon on 15 March 2019 unless the £1,100,000 target has been reached earlier or the Offer is extended by the Directors at their sole discretion.

Minimum raise:

The Minimum Raise for the Offer is £800,000. If less than £800,000 is raised, monies will be returned to investors with no accrued interest. An initial close will occur upon reaching the Minimum Raise. At this stage, bond certificates will be issued to investors who have already subscribed but the Offer will remain open until the Closing Date.

Risk warning

Past performance is not an indication of future performance. Capital is at risk and returns are not guaranteed.

Dove Renewables Limited is a company registered in England (09970640). Registered address: Woodwater House, Pynes Hill, Exeter, United Kingdom, EX2 5WR.
Promoted by:
This financial promotion has been issued and approved by the UK division of Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales with branch number BR3012). Authorised by the Dutch Central Bank and subject to limited regulation in the UK by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Registered office: Triodos Bank, Deanery Road, Bristol, BS1 5AS. VAT reg no 793493383. Calls to and from Triodos Bank may be recorded for training and monitoring purposes.