A new record is set in green crowdfunding. A project listed on Abundance Generation has raised over £200k in just four days.
Abundance employs a debenture funding model that allows users to invest as little at £5 a time into a range of renewable energy projects. The record-breaking campaign is the REG High Down – a wind energy project. Despite its already record-smashing status, REG High Down’s target of £500k to £1.5m has yet to be reached. The platform indicated that the average investment in the project stood at just under £2k, with 110 investors on board thus far. Those investors can expect returns of between 8.4% and 9.3% return before tax over a 20 year term.
Karl Harder, Co-Founder and Managing Director of Abundance, commented:
“We are seeing increasing momentum in the amount and speed that the crowd is investing in renewable energy projects.
"Customers are now spreading their investments across the range of solar and wind projects available. With an effective rate of return of 8.4-9.3 per cent, REG High Down is setting new records for amounts raised through the Abundance platform. It is great to see one of our partner businesses harnessing the power of democratic finance."
The 0.5MW High Down project will be developed by AIM-listed Renewable Energy Generation Ltd – which already operates 14 wind projects across the UK through its subsidiary REG Windpower Ltd.
It is a rare site that can offer its lenders the returns of an equity or debt platform, alongside the feel-good-factor of a philanthropy-driven, pledge-based platform. The future looks to be bright for Abundance Generation.