Two new renewable energy projects have crowdsourced £700,000 of funding in just 35 days to get the go-ahead.
The sum has fully funded the two newest projects on the Abundance Generation website, promising the investors cash returns of between 7.2% and 8.60% for the 20 year duration of the projects.
The Brighter Schools project involves the installation of solar panels on a number of schools across England free of charge, while the Oakapple One project is funding a set of rooftop solar panels on newly built residential properties across the UK.
The latest flood of investment has brought Abundance’s crowd funding tally to £3million for five projects submitted since the launch last summer.
The website expects to channel a further £7million of funding by the end of 2013.
“To break all records in July and August, traditionally a slow months for investing, shows the growing potential of democratic finance and crowdfunding to fill the gap left by banks in lending to this important infrastructure investment for the UK’s future energy needs,” said Bruce Davis, cofounder and joint managing director of Abundance Generation.
Investment in Abundance is through buying debentures in the selected project, with returns paid twice yearly over the term of the project. Those wishing to cash in early on their investments can do so through the project’s website.
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