Renewable investment company, Abundance Generation, has announced the launch of its second crowd-funded renewable project – a solar energy venture in the South Downs, designed to help fund the installation of free solar panels in order to provide free electricity for locals.
The community project has set its sights on raising between £500,000 and £2,000,000. From today, interested investors will be able to purchase Debentures from as little as £5. The money raised from the sales will fund the installation of free solar panels across selected areas of South Downs.
Louise Wilson, cofounder and joint Managing Director of Abundance Generation spoke of her desire to unlock new ways for the public to invest, stating: “We believe that the current crisis in the financial system will not be resolved simply by pouring public money into the banks.
“What is really needed is more innovation in financial services, including new ways for people to invest which are accessible to all and are simple and transparent. Above all, Abundance Generation seeks to give our customers control over where their money goes and how it is invested”.
Abundance Generation has partnered with Padero Solar to issue the solar shares. The solar specialist hopes that the debentures will pay an expected return of between 6-7.8 percent over the 20-year investment lifetime. The area of South Downs was identified as a perfect place to install free residential solar systems because of the high irradiance. Abundance Generation will be offering those residents who opt-in for a free system the opportunity to invest too.
It is hoped that the project will raise enough funds to allow up to 450 homes to benefit from the installation of around 1.34MW of solar capacity. The homeowners will benefit from free, unlimited use of the electricity generated. Those interested in investing the Padero South Downs project can read the full offer document here.
Louisa Murray, Director of Padero Solar, concluded: "We're really excited about the opportunity to give more people the chance to benefit from solar PV - both for the homeowners who might not otherwise be able to install the panels and for those who get to receive the financial returns.”