Abundance launches biomass project fundraising
ETHICAL peer-to-peer platform Abundance Investment has opened a new biomass project to investors, promising an effective annual rate of return of eight per cent over a 19-year term.
The investment is into Monnow Valley Biomass, with the raised funds to go towards refinancing the installation of two new biomass systems: one at a goat farm in Monmouthshire and the other at a kiln-dried log business in Herefordshire.
It is the second time Abundance users have been able to invest in the firm, following a successful £300,000 raise in late 2015.
The new offer is aimed at raising £1.4m, with £1 already raised since launch over the weekend. It is due to close on 30 October, or earlier if fully subscribed.
Investors can put their money into the project via the Abundance Innovative Finance ISA (IFISA) in order to enjoy tax-free returns.
“Our customers like to invest in a range of different renewable technologies, and the UK still has some way to go before it’s on track to meet its renewable heat targets. So supporting sustainably-sourced biomass projects like this one can make an important difference,” explained Bruce Davis, co-founder and managing director of Abundance.
“Our first offer in 2015 for Monnow Valley sold out quickly; since this new offer can now also be included tax-free in an ISA we expect it to meet with an even warmer reception.”