Abundance launches tidal power project amid calls for more green finance
ABUNDANCE has launched a campaign to fund the world’s most powerful floating tidal turbine platform, one day after financial regulators called for more industry action to fight climate change.
The ethical P2P lender is offering a 30-month secured debenture in Orbital Marine Power’s latest tidal turbine (pictured), paying annual interest of 12 per cent.
It will be the first floating tidal turbine platform in the UK, and can be towed, installed and maintained using small, local vessels.
The project already has raised £9m in grants and equity funding, including from the Scottish Government.
“This is a chance for our customers to back one of the newest and most exciting renewable energy technologies and prove it can work on a commercial basis,” said Bruce Davis, co-founder and joint managing director of Abundance.
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“The UK is a growing global centre for tidal energy expertise, and as costs continue to fall, tidal power can make a significant contribution to energy generation portfolios around the world.”
The debenture listing follows the publication of reports by the Financial Conduct Authority and the Bank of England looking at the impact of climate change and green finance on financial services.
Both reports concluded that financial services industry offering little choice to consumers in tackling climate change.
“While we are seeing increasing demand for ethical investment through products such as community housing and renewable energy, the reality is that the number of providers and access to these products remains frustratingly low,” said Lisa Ashford, chief executive of investment platform Ethex.
Read more: Ofgem rejection leaves Abundance debenture in limbo
“If [the] government is serious about improving social investment, then it should look to extend tax relief to projects such as community energy projects and educate individual investors about the true range of product options that are available to them.”
Read more: Bruce Davis welcomes Green Finance Taskforce report
