SE24 Winter Update: Building Momentum Towards Our 2026 Share offer

Message from SE24 CEO Mark Hughes

2026 is set to be a landmark year for SE24. The projects in our upcoming pipeline will double our footprint, transforming the scale and impact of our work. Over the past nine months, we’ve been gearing up for this leap, strengthening our team, upgrading our governance, and coordinating a huge amount of behind-the-scenes delivery work.

This winter update is a chance to share where we are, what’s been achieved, and what comes next.

Strengthening the SE24 Team

To deliver a pipeline of this scale, we’ve expanded and refreshed our Board and core volunteer team:

  • Edmund Papworth — our new Chair
  • Andrew Porter — Finance Director
  • Upasna Agarwal — Business Development Director
  • Cameron Slater — Assistant Finance Director
  • Matt Pierce — now promoted to Asset Management Director
  • Anna Stobart – new Vice Chair and HR lead

We’ve also welcomed more volunteers across delivery and development roles. SE24’s capacity—both technical and organisational—has never been stronger.

Major Delivery Progress in the Last 3–6 Months

The team has been working relentlessly to move each project from concept to “shovel-ready.” Here’s a snapshot of what has been achieved:

1. Installation partners appointed

Following competitive tenders, we have confirmed trusted partners:

  • Solar PV: Joju Solar — our partner for over 5 years
  • LED lighting: EES and ESP — both long-standing collaborators

Solar costs have continued to fall, delivering useful capex savings that help balance rising LED prices. With Solar representing roughly 80% of total capex, this is a strong position.

2. Agreements with customer partners

We have now signed Memoranda of Understanding (MoUs) with both major project partners:

  • LSEAT (London and South East Academies Trust)
  • ULT (United Learning Trust)

Contract terms and lease templates are agreed.

3. Approvals progressing

  • LSEAT will be submitting Leases and Form E applications for five Solar PV projects to the DfE on Friday 12 December.
  • Legals with ULT are advancing, with draft comments exchanged and a further meeting scheduled for Monday 15 December.

4. Technical work underway

We’ve commissioned Joju Solar to:

  • Pursue grid connection agreements
  • Undertake structural surveys across all six Solar PV sites

5. Financing documentation

Our next Community Share Offer is being finalised. It will be followed a Bond Offer with rigorous oversight from Ethex. Andrew Porter, our FD, has been impressing their team with detailed modelling and evidence-based assumptions. Due diligence is tough but invaluable—it ensures we launch with clarity, confidence and credibility.

Indicative timeline:

  • Community Share Offer: early January 2026 → closes mid-February
  • Bond Offer: early March → closes early June
  • First bond drawdown: likely April

We are firmly on track.

What comes next

1. Raising the finance

We already have “minded to invest” commitments totalling nearly half our original £250k Community Share Offer target. We now aim for £300k+ to ensure certainty across the programme.

A strong Share Offer result:

  • reduces reliance on bond financing,
  • increases financial resilience, and
  • supports shareholder repayment goals.

If you are able to invest, your early commitment makes a real difference.

2. Securing legal approvals

LSEAT’s imminent Form E and lease submissions could enable DfE approval before Christmas. Achieving this would fulfil our AGM commitment to only seek investment once projects are demonstrably “shovel-ready.”

3. Recognising the team

Our progress—and our confidence—comes from the entire SE24 community:

  • investors,
  • volunteers and board members,
  • project and asset managers,
  • community engagement leads,
  • site partners and customers.

Thank you. Your time, insight and persistence have powered us to this point.

4. A stronger, more sustainable SE24

Once this pipeline is installed and generating, SE24 will enter a new phase:

  • more predictable core funding,
  • increased ability to resource staff and volunteers,
  • greater capacity to develop future assets,
  • expanded community benefit programmes.

SE24 will be stronger, more resilient, and ready for larger opportunities ahead.

Milestones

Raising £750k and installing 700 kW will be a huge achievement in the London community energy landscape.  

The next milestones towards this will be:

  1. When we successfully raise the finance, and
  2. When all 2026 pipeline projects are installed and generating.

We want to report these milestones the way a high-speed train reports its top speed—when we pass the big numbers.

As one of our team described it, the German fast train shows its speed from the moment it starts to move. The French TGV only displays the speed once it breaks 200 km/h. 

We want SE24 to be the TGV: quiet, focused work—until we reach a major target. Then we tell the story.

Looking Ahead

With the 2026 pipeline progressing rapidly, with strengthened leadership, sharpened governance, committed partners and a growing base of early investors, SE24 is accelerating into the next phase of its journey.

Thank you for your support, belief and hard work.
The future looks bright—and solar-powered.