Renewable energy crowdfunding platform Abundance Generation has opened a new solar project in Kent for funding, offering a “win win” for investors.
The development requires up to £730,000 for the installation of an initial two 249 kilowatt (kW) sites, and £1.13m to build a possible third third on the Isle of Wight.
Abundance offers debentures – bonds or debts lent to wind farms or the solar projects that are then secured on a share of the revenue that each project generates over its lifetime. People can invest as little as £5.
The firm’s previous six projects have collectively raised over £3m for renewable energy projects. Construction begins this month for the first two new sites.
Bruce Davis, co-founder and joint managing director of Abundance, said the investment is perfect for people “who are watching their savings shrink and their investments go up and down like yo-yos.
He added, “By having a direct link to [the retail price index] each year plus interest on top, this latest project means investors will beat inflation (before tax), while knowing their money is being put to productive use – in Britain’s real economy, in the production of renewable energy.
“This is a big ‘win win’ for our investors and the smaller renewable energy developers they are investing in, and the kind of healthier financial service – cutting out the City’s unnecessary and expensive middlemen – that this country needs much more of if we are all to benefit from the economic recovery and a sustainable future.”
The new solar sites are projects by Dublin-based firm BNRG Renewables. It is the second BNRG project to be offered through Abundance. The first – BNRG Hoo Solar, also in Kent – raised its full target of £385,000 March 2013.
In September, Hoo Solar paid its first cash return to investors at 8.4% over the amount it was projected to.
In November, Abundance announced it had reached its £500,000 target to fund the installation of solar panels on 20 community buildings in Nottingham in just under a month.