A website promising financial returns on renewable project investments as low as £5 has been launched.
Described as a community platform, Abundance allows investors to invest in UK renewable energy schemes and receive regular returns based on energy produced.
Seen as an alternative to banking returns, it allows people who want their cash to back green projects a more focused way of contributing to change, while benefitting financially.The company claims the rates of return are expected to average 5-9 per cent, depending on the type of scheme in which the money is invested.
Abundance is currently aiming to raise £1.4m to build a wind turbine on the edge of the Forest of Dean in Gloucestershire, and has plans for further renewable energy schemes – solar and hydro – around the country.
The platform says it works in a similar way to “peer-to-peer” lending websites such as Zopa – as a middle man, getting investors together with community groups and companies that want to build environmental projects.
It collects the money and organises the payouts to investors in return for a 1.9 per cent fee paid by the body that builds and operates the project.