“In Britain last week,” Forbes’ David Prossner reported, “14.9% of all electricity generated came from renewable energy sources. Meanwhile, India announced the commissioning of the country’s largest ever solar polar plant. And in the US, New York State unveiled a $250m funding package for renewables.”
Prossner’s updates come courtesy of Trillion Fund, the British crowdfunding platform that specializes in crowdfund raising for renewable energy projects. “The platform’s recent merger with fellow platform Buzzbnk, which focuses on the social enterprise sector, is set to create the UK’s largest social crowdfunding service,” wrote Prossner.
“This deal creates a platform of complementary strengths,” Theresa Burton, Buzzbnk founder explains. “Together, we can provide early stage capital to start-up social enterprises – we can support those worthwhile projects that may be struggling for lack of capital.”
Julia Groves, the Trillion Fund founder who will now lead the business, believes the platform could raise as much as £500m for renewable energy projects and social enterprises over the next two-and-a-half years, aiming to raise money from as many as 500,000 investors by the end of 2017. According to its website, Trillion Fund’s name represents the scale of funding needed worldwide to prevent climate change reaching damaging levels. It’s a huge number, but crowdfunding renewable energy projects is one answer.”
“Although we really believe in renewable energy, our business model is about making a profit – we take a fee from projects we help to fund – and helping investors to make money too,” Groves states. “I’ve been trying to sell renewable energy as a concept for nine years and I’ve got the grey hairs to prove that the only way to do that is as something that’s commercially viable and economically profitable.”
Given the secure income renewable energy generates for investors over the long term, often with the additional benefit of inflation-proofed income guaranteed by government in the form of subsidy or even outright price promises, Prossner commented, “Renewable energy is a hot investment right now.”