Abundance calls on investors to pledge to third renewables project
Community funding platform Abundance Generation has launched a new solar energy project in Kent that allows investors to pledge as little as £5 to help fund its development.
The project, called Hoo Solar, is Abundance’s third, and will look to build on the success of its first two, which collectively raised £1.9m from investors.
The large-scale solar installation aims to raise between £250,000-385,000 to re-finance the 250 kilowatt development. Through Abundance, investors can buy debentures – a form of bond which entitles them to a share of the money generated from selling clean energy.
The 999 solar panels created by BNRG Hoo Solar are already in operation, supplying energy to the National Grid, with an estimated return rate of more than double the original money invested.
“We believe that the current crisis in the financial system will not be resolved simply by pouring more public money into the banks”, said Bruce Davis, co-founder and joint managing director of Abundance.
“What is really needed is more innovation in financial services, including new ways for people to invest which are accessible to all and are simple and transparent.
“Above all, Abundance Generation seeks to give our customers control over where their money goes and how it is invested.”
Abundance, which aims to link up communities and individuals with renewable energy projects, has become one of the fastest growing crowdfunding platforms to date. It was recently shortlisted in the Deal of the Year category at the New Energy & Cleantech Awards, for raising £1.4m in its last share drive.
Davis added, “Recent headlines about an impending energy crisis in the UK highlight the crucial importance of developing home-grown energy production that, like solar, will neither run out nor pose major threats to the country’s environment.”
To engage with this fantastic investment opportunity, which closes on May 20, visit the Abundance website.
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