By AltFi on Monday 7 October 2013
Abundance Generation, the FCA-regulated democratic finance crowdfunding platform, has launched its first fixed return renewable energy project - SunShare Community Nottingham.
The project will involve refinancing the installation of already operational solar energy panels on 20 community buildings in Nottingham, each associated with children’s development, and will pay investors an effective rate of return of 6.5% over the 19-year life of the investment (6.65% with the ‘Pioneer Bonus’ being offered by Abundance in recognition that this is the first fixed return project).
EvoEnergy, a solar PV developer and installer company based in Nottingham, and Stepnell, a 140 year old, family-owned main contractor with head offices in Rugby, owns the SunShare Community Nottingham project.
This next project - seeking to raise just under £900,000 – is one of many that company plan to do by the end of the year with the aim of raising as much as £7 million. This will make Abundance one of the fastest growing crowdfuncers in the UK.
Abundance was launched just over a year ago and this will be their sixth project with the previous five raising £3 million from people investing as little as £5 and Bruce Davis, cofounder and joint Managing Director said, "It is very satisfying to keep up the flow of very attractive projects for the widest possible audience of investors across the UK. Our universal minimum investment of just £5 across all Abundance projects means we can help the most extensive cross-section of the population, and on a fully FCA-regulated platform. We know from the rapid take up of the previous five projects that savers and investors are desperate for inflation beating returns and would much rather get them through investing in the real economy in assets that they can see, trust and believe in. We are proud to be leading the democratic finance revolution currently underway in the UK.”
Investors in this project will be the first to benefit from the known-quantity of fixed returns and at a very attractive level. Each year, investors will receive an equal portion of their original capital and a fixed return.
Kevin Hard, CEO of EvoEnergy, said, “We are excited and proud to be involved in the next stage of this project which started with the installation of the PV systems for the benefit of schools and other community buildings in Nottingham, and which now is delivering on EvoEnergy’s objectives to allow those that can’t own solar panels themselves to capitalise on the financial returns of solar energy.”