Abundance Generation is claiming a record for a crowdfunding campaign in the green energy space after a recent project raised £214,000 in just four days according to BusinessGreen.
Renewable Energy Generation launched the project, dubbed REG High Down. The wind installation comprised of a single 500 kW wind turbine is seeking a total investment of £1.5 million.
The project is owned by REG High Down plc, which is in turn owned by REG Windpower Ltd and Renewable Energy Generation, the AIM-listed renewable energy developer. REG Windpower is an experienced developer of small to medium-sized wind farms operating a portfolio of 14 wind farms totalling 67MW, 11 owned by the REG Group itself and 3 owned by the global investment manager BlackRock.
The turbine has actually already been installed and is being tested, so the funding will be used to essentially refinance the deal. If the deal can’t secure the full £1.5 million ask, it will close on March 12th. Those that sign up before March 3rd are eligible for a 0.3% bump in annual returns via an “Early Bird Bonus.” Effective rates of return over the life of the investment are anticipated to be between 8.4% and 9.3% over2 20 years.
Related – Abundance Generation: Fixed Returns For Crowdfunded Solar Project
Abundance Generation has facilitated over £4 million in raises since launching in 2012.
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