Abundance launches first wind project in almost two years
ABUNDANCE has launched its first wind investment in almost two years, after renewable energy subsidies were scaled back.
The ethical investment platform said that it has become increasingly difficult to find wind energy investments since subsidies were largely removed.
However, it is now offering long-term debentures on the E2 Energy portfolio, which comprises eight medium wind turbines located on farms across the north of England.
The project is looking to raise £2.9m and is already 40 per cent funded. Investors are being offered five per cent returns over 16 years, with regular cash returns of capital.
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The turbines are owned and operated by Arena Capital Partners, a Dublin-based developer and investor in renewable energy with more than 70 turbines in Northern Ireland, Great Britain and Italy.
The funds raised in this offer will be used to help Arena acquire more wind energy assets and to develop renewable energy projects in its pipeline.
Arena plans to raise more funds on Abundance with another portfolio of mid-size wind turbines in the near future.
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“While it has become increasingly difficult to find wind energy investments since subsidies were largely removed, we kept up the search because we were aware that our customers valued the long term, steady returns on offer from this technology,” said Abundance in a blog post on its website.
P2P platforms have scaled back lending to the renewable energy sector since the end of a government-backed subsidy programme.
In May, Assetz Capital closed its Green Energy Account (GEA) and in March, defunct P2P platform Trillion Fund paid off its final renewable energy loan.
Both platforms have blamed a lack of new loans and an end to government support for the failure of their green initiatives.
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