Abundance the largest direct investment platform for renewable energy in the U.K. has today launched a new shared ownership service that allows communities to link directly with developers on renewable energy projects.
The platform's chief aim is to make it easier for shared ownership of clean energy projects, with communities helping to finance developments in solar and wind energy.
Launch comes a few weeks after the U.K.'s Department of Energy and Climate Change (DECC) launched its Community Energy Strategy, designed to help communities have more say in local energy projects.
Communities keen to invest via the Abundance platform are offered expected internal rates of return (IRR) of between 7-10% per year. This latest platform also offer a community engagement aspect, as well as advice on investing.
There is also a funding element, too, whereby Abundance supports developers to engage and mobilize communities via a series of awareness-raising campaigns and exercises.
"Shared ownership is a turning point for energy generation in the U.K.," said Abundance joint MD Karl Harder. The worlds of finance and energy are evolving fast, enabling everyone to benefit from positive, low carbon investments.
"We are reducing the risk and cost of raising capital, creating a meaningful return for developers and investors, whilst building stakeholders in renewables crucial to support projects through planning and beyond."
Investments in projects can start from as little as £5 ($7.80), added Harder, with the intention being to give anybody who is interested in clean energy the opportunity to have their say.
Further facets to the Abundance platform that may interest both parties include the project pledging application, which enables developers to build a community of supporters before working with them throughout the planning process in order to increase a projects chances of becoming successful.
The platform works via the purchase of Debentures, which act as official IOUs that commit to pay returns on top of the original capital outlay. Abundance which has been active since 2011 and has developed more than £8 million ($12.5 million) in clean energy projects states that returns are likely to be paid biannually for the duration of the projects lifetime.
Investors wishing to cash in early can do so via the Abundance website.
Last month, Abundance also launched a community platform for a Scottish rooftop PV scheme, with the aim to add 749 PV systems to rooftops across a Scottish housing association.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.