UK EXCLUSIVE by Scottish
Energy News Correspondent
‘Ethical’ investment platform Abundance has attracted more than £2 million from green investors across the UK for a new wind-farm development in Aberdeenshire – in less than six weeks since the company was set up.
A total of £2.3 million has been raised for the 500kW Upper Pitforthie Windgen wind project in Aberdeenshire, along with £119,000 for Abundance’s first biomass project Minnow Valley Biomass in Wales and £46,000 for Ecossol PV across the UK.
Set up in October 2015, Upper Pitforthie Windgen plc is registered in Edinburgh, where directors are John Fotheringham and Guy Johnston – a chartered surveyor who is also a consultant and director to Fitroc Energy, which is registered in England.
Expected annual returns from these projects are 12% interest, 8% and 7% IRR over 19 years respectively.
The UK now produces 25% of its electricity from renewable energy, predicted to be 30% or more by 2020.
London-based Abundance has raised £14 million in direct investment for 13 renewable energy projects totaling 9.5 GWh of clean electricity production in three years.
It also recently launched the world’s first renewable energy pension and is currently developing a proposition to enable cities and citizens to invest at a municipal level.
Bruce Davis, Co-Founder and Joint Managing Director of Abundance, said: “Even if the UK Government has made some frankly embarrassing moves recently away from supporting crucial renewable energy development, our research and experience with investors proves support for it remains strong outside the Westminster village.
“People who want to actively support renewable energy can choose to invest as little as £5 in one or more of these projects, enjoy bank-beating returns at low risk and know that they have done their bit towards the cause world leaders are debating this week.”