Ecology Building Society backs renewable energy with loan via Abundance
Ecology Building Society has extended its support for the renewable energy sector with a £250,000 investment through online investment platform Abundance. The investment marks the start of an on-going collaboration between the two ethical finance organisations.
The Ecology Building Society selected the Oakapple Berwickshire project to invest in. The project involves the installation of 749 roof-mounted solar panels across homes owned by the Berwickshire Housing Association. The organisation will invest on equal terms alongside individual investors through the Abundance platform.
Investment in the project is expected to produce a 7.5% return, paid twice yearly as cash payments over 20 years. The minimum individual investment is £5. So far the project has raised over £1.4 million, surpassing its minimum target and moving towards its £3.1 million aim.
Paul Ellis, CEO of the Ecology Building Society, said, “We’re pleased to be involved with the Oakapple Berwickshire project. It’s a great fit for us as it addresses our members’ desire to tackle fuel poverty, support social housing, and to add to the UK’s growing renewables capacity.
“We believe that investing via crowdfunding platforms allows institutions to stand alongside individual investors, and amplify the impact of their investments in a diverse funding package.”
While both Ecology and Abundance work within the ethical finance market, this investment marks the first time the two have worked together. Bruce Davis, cofounder and joint managing director of Abundance, noted that Ecology has successfully been working within ethical and sustainable finance for the last 30 years, adding he hopes the collaboration will “help shape the future of ethical finance for the next 30 years”.
Photo: Tax Credits via Flickr
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