We are currently raising funds for our first off plan farm at Fogars De La Selva, situated 31 kilometers outside of Girona in Catalunya Spain. We have submitted
our license application and expect to be granted the license in January 2010. We have structured the investment as a participatory loan to Granite Solar SL
over forty years. The Spanish government have guaranteed us the feed in Tariff for 25 years by Royal Decree. A breakdown of the figures for the the first 25
years of the farm is available for download by Clicking here.. The lifetime of the farm will be greater than 25 years and although the tariff is guaranteed for
this time only we will continue selling electricity once the 25 years is up albeit at domestic rates (after 25 years the domestic rate will most likely have
caught up with the subsidy).

We have structured the investment as a participatory loan mainly for tax reasons.The first 2.5 per cent of the yearly remuneration to the client will be tax free
as its the payback on the principal of the participatory loan. Although we are (on paper) paying back 2.5 per cent of the loan each year,
the yearly dividend is based on the clients percentage hold of the farm based on investment over overall cost.
You can see what the loan agreement looks like by Clicking here..

It is very rare to find an investment whereby the return is not only assured (by royal decree) but also insured. Although we are building the farm off plan
(without financing from the banks) we have maintained the same insurance policy that the banks demand in order to finance such projects. If you look at the
Insurance Policy for Fogars you will clearly see that we have insured the expected return.