The UK’s largest independent green energy company, Ecotricity, launches a new bond which raises money for green energy technology “without needing to stick anything on their roof”. Charlotte Reid has more.
A new bond, called ecobond two, from Ecotricity, aims to invest £10m into helping the green revolution, following the success of their first bond last year.
Ecobond two works in an innovative way as it bypasses the banks and shares the benefits of the green revolution with people.
The bond offers an initial four year term and pays an annual rate of interest at 6%, or 6.5% to Ecotricity customers.
Last year’s ecobond one was oversubscribed by 50% and the money raised was put towards funding the construction of a number of projects including:
- The UK’s first one megawatt solar park at Fen Farm in Lincolnshire,
- A third wind turbine to power Ford Dagenham’s Diesel Centre,
- A wind turbine at the G24i plant in Cardiff that makes solar panels.
Money from ecobond two, as well as money from customer’s bills, will be spent in 2012 on building 19 windmills that already have planning permission, which will increase Ecotricity’s green energy generation by 50%.
Dale Vince OBE, the founder of the entrepreneurial green business, said, “Ecotricity’s mission is to change where Britain’s energy comes from – to bring about energy independence and sustainability to Britain”.
Vince explained that Ecotricity works “on a unique basis” by taking the money from their customer’s energy bills and “using it to build new sources of green energy“.
Vince said, “To accelerate that building process we launched a pioneering new type of ethical bond last year, which was an instant hit with our customers and the wider public alike.
“Our ecobonds give people the opportunity to share in the financial benefits of green energy… And crucially we cut out the middlemen, the banks, and pay people the same rate of interest on ecobonds that banks would charge us if we borrowed the money from them.”
The bond is available to individuals, companies and charities based in the UK and are subject to a minimum of £500 investment. To find out more information about the ecobond two and how to apply then visit the ecobond website, or you can ask your financial adviser or complete our online form so we can connect you with one.
Don’t want to invest but want to switch to clean energy? Then our friends at Good Energy may be just what you’re looking for.