Nottingham’s largest solar power project has broken records by raising £500,000 from 337 people in just under a month.
As announced in September, SunShare Community Nottingham plc is ‘crowdfunding’ the refinance of solar power across 20 local community buildings. These include schools, leisure centres and a library already producing clean power and lowering their energy bills. It is a record-breaking investment raise for Abundance Generation, the FCA-regulated democratic finance crowdfunding platform, with £500,000 a figure historically reached in more than twice the time.
Investors include Nottingham resident Bryan Norris, who said: “I invested £200 in SunShare because, simply, it’s too risky to invest in dirty, rapidly depleting fossil fuels these days. Renewable energy is much more secure, sees better returns and it’s right on the doorstep helping the local community. At over 6.6 percent IRR it makes more sense than other investments where quite frankly I’ve no idea where my money is going. Within 19 years I expect to get £360 back, so I’d urge others to snap up the last remaining debentures whilst they can.”
Bruce Davis, co-founder and joint md of Abundance Generation said: “Nottingham is one of the greenest cities in the UK, so it’s is great to see it breaking records in renewable energy. The success of SunShare Nottingham is a real vote of confidence both in the sector and in the idea of diversifying investment away from conventional stocks and shares.”
A first for the city, investors get a debenture, similar to a bond that pays a fix return of 6.65 percent IRR over its 19 year life. Participants get their capital repaid in instalments over the life of the debenture. If, for example, individuals invest £950, they could expect to receive £90.39 a year. That’s made up of a £50 capital repayment plus £39.93 in interest and £1.43 of Pioneer Bonus. Early bird investors can also earn up to 0.2 percent additional bonus annually for the life of the debenture. Investments can be made from as little as £5.
Abundance Generation has also now opened its Christmas store for those wanting to purchase debentures as gifts this Christmas. Go to www.abundancegeneration.com/greensanta