Crowd-funded solar developer, Big60Million has raised 60% of its £20.4 million funding target inside the first month as it looks to finance three additional solar projects.
The developer launched its second bond offering in April having raised more than £4 million for its first site in Willersey last year, and the company has until 27 May to complete its financing.
Big60Million is raising funds for three operational solar farms in Atherstone and Southam in Warwickshire and Paddock Wood in Kent, which were completed and connected to the National Grid prior to last month’s 1.4 ROC deadline.
Each bond is priced at £60 and secured against the solar farms’ assets, with investors rewarded with annual interest payments at 6% gross.
Toddington Harper, chief executive at Big60Million, said investors had been attracted to the projects because of the environmental aspect.
“We are delighted to have received so much interest in our bond offer because we want to take community solar to scale by giving everyone in the UK the chance to benefit from the clean energy revolution,” he added.
Investors in Big60Million’s initial project received their first payments last month and Solar Power Portal visited the project to see further developments in the pipeline and talk to Harper about its successes to date.