Ireland-based solar energy group BNRG Renewables has received £730,000 during its crowdfunding campaign on Abundance to refinance two solar farms in Kent, England.
According to the campaign’s website, the project funds the two 249kW commercial scale, ground mounted solar arrays, giving a total size of 498kW. Both sites in Kent have planning permission and are installed and generating clean electricity.
BNRG Renewables funded the constructions of the project with its own money, with both Kent sites completed in March 2014. The money raised for this project was used to repay the company once the projects were completed and generating electricity.
The project has an effective rate of return of 7.35% gross (including a 0.15% Pioneer Bonus) over the 20 year life of the investment. This is based on assumed inflation of 2.8% (RPI) over the life of the investment (see the Offer Document for details of why 2.8% was chosen).
This is BNRG Renewables’ second project on Abundance. Their first campaign, BNRG’s Hoo Solar raised £385,000 last year to refinance an existing 249kW installation.
Sharing details about the campaign, BNRG’s founder, David Maguire noted, “While our core business is in larger utility scale projects of which we have developed and constructed over 150m worth of assets, we have developed a number of commercial scale projects and crowdfunding is a great solution for these smaller renewable projects. ”
He then added, “Quite simply, it feels fantastic to be playing a wider part in a sustainable economy, not only offering clean power but good investments directly to the public.”
Co-founder of Abundance Generation Bruce Davis stated, “Our customers invest with us for many reasons but ultimately they all want to make money by helping to do good. BNRG Gorse provides another chance to invest in renewable energy, meaning you can make money while supporting the planet.”
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