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Irish solar firm offer crowd fund invest

Thursday, June 26 16:50:56

Irish based solar developer, BNRG Renewables, in partnership with UK crowd funding group, Abundance, is offering Irish investors the chance to buy in to two Kent, England energy projects.

Abundance are now FCA approved to take investment from any citizen of the European Economic Zone.

The projects available for investment, known as BNRG Gorse, consists of two 249kW ground mounted solar arrays. Both sites are fully operational and have been generating electricity since March 2014. The project has raised more than 660,000 from 537 investors to date, there are less than STG70,000 of Debentures remaining. Investment is closing on 30 June. Inflation linked returns of 7.35pc are forecast for the projects, BNRG said.

The Abundance platform allows pledges from STG5 in return for debentures that commit to pay inflation-linked returns, a first for a renewable energy project, which are paid in April and September each year over the 20 year term of the project.

Bruce Davis, co-founder and joint managing director of Abundance Generation, said: "Our customers invest with us for many reasons, but ultimately they all want to make money by helping to do good. BNRG Gorse provides another chance to invest in renewable energy, meaning you can make money while supporting the planet. By having a direct link to RPI each year, plus interest on top, this project means investors will beat inflation (before tax), while knowing their money is being put to productive use in Britain's real economy."

David Maguire, founder of BNRG Renewables said: "Quite simply, crowd funding is a great solution for the renewable energy industry. It feels fantastic to be playing a wider part in a sustainable economy, not only offering clean power but good investments too. The Kent BNRG Gorse solar project is our second with Abundance. Our first saw 385,000 raised in March 2013 to refinance a 249kW solar project. This paid its first cash return to investors in September at a rate 8.4 per cent above the level originally projected. As a team, we're looking forward to rolling out many more projects in the future helping more and more people become part of the so called win-win economy."