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Abundance raises £700,000 for UK solar projects through crowdfunding

London-based Abundance Generation, an FCA-regulated democratic finance crowdfunding platform, has funded its latest two projects in a crowd-funded £700,000 raise over the past 35 days.

The two projects, called Brighter Schools and Oakapple One, will see solar panels installed on schools and new build housing. With 20 year durations, they are the fourth and fifth projects to be featured on the platform.

The latest £700,000 raised brings the total on the Abundance platform to £3m. Investors were able to put in as little as £5, and the company says £7m of new projects are planned on the Abundance platform before the end of the year.

Cofounder and joint managing director of Abundance Generation Bruce Davis said, ‘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.’

‘It is also significant that 16 per cent of our members have invested in at least four of the five projects we have offered since we launched last summer and more than half have invested in two or more. Clear evidence that what we are offering is hitting the spot with our investors, long starved of inflation-beating returns without taking excessive risks and investment assets they can easily understand, believe in and know are contributing to the UK’s real economy.’

Abundance said that the Brighter Schools project, which will see solar panels installed on schools across England, will see investors receive an effective rate of return between 7.2 per cent and 8.3 per cent over the 20 year project duration – equivalent to a doubling of the initial investment over the term of the project.

Oakapple one is funding a portfolio of roof-top solar pnale systems on newly built residential properties across the UK, with the project paying an effective rate of return between 7.35 per cent and 8.60 over over the 20 year duraction – equivalent to a multiple of two to 2.2 times the original investment.

SOURCE: Newnet