UK-based Triodos Bank announced on Monday five positive social and environmental impact organizations have raised more than £7 million through its crowdfunding platform in the three months since the portal’s debut. According to Triodos, the crowdfunding site opened to investors in January and the latest offer to be successfully completed was a £1.8m bond for Mendip Renewables. Speaking about the funding portal’s latest milestone, Dan Hird, Head of Corporate Finance at Triodos Bank, stated:
“Since launching the crowdfunding platform, we have seen significant interest among investors looking to support pioneering, sustainable organisations and businesses. The range of projects that have already been or are near to being funded is evidence of the potential of crowdfunding to prompt positive social, environmental and cultural change. We are proud to be at the forefront of this movement and aim to support the funding of many more progressive projects on the Triodos Crowdfunding site.”
Four bond offers are now live on the platform, with interest rates ranging from 5% to 7% with a minimum investment of as low as £100. The bonds are eligible to be held in the Innovative Finance ISA, allowing investors to receive the interest they earn on these investments tax-free. The bonds are the following:
- Dart Renewables: A £1.8 million bond refinancing the operational Totnes Weir hydro power scheme, which helps to conserve salmon and sea trout in the River Dart. The company is giving locals the chance to invest in clean, renewable energy generation through a ten-year bond paying investors 5% per year interest.
- Coigach Community: A community interest company which owns and operates a 500-kW wind turbine in Coigach, a remote peninsula in the north-west highlands of Scotland, looking to raise £1.75 million. The funds will be used to refinance the wind turbine asset and enable the company to donate its retained profits to the community of Coigach to fund a variety of projects. The bond pays 5% interest over 12 years.
- Thera Trust: A charitable group of companies providing care and housing for people with complex learning disabilities aiming to raise £5 million to invest in freehold properties and provide 14 new homes. The bond pays 5.5% interest per year over a 6-year term.
- Rendesco: Raising £5.5 million to develop green energy from ground source heat pumps through the government’s 20-year renewable heat incentive scheme and will pay 7% interest per year over a 7-year term. They are aiming to develop 100 sites for leading retirement home groups and providing low-carbon heating to keep the elderly warm.
Triodos Bank added it already has an excellent track record in raising finance for social and environmental organizations and in the last 15 years has secured more than £140 million to fund over 50 impact projects.