Bank launches green crowdfunding platform
A solar farm and a heat pump company are to become the first businesses to benefit from a UK bank’s newly launched crowdfunding platform.
Triodos Bank’s platform will allow the public to invest directly in renewable energy projects.
The first round of funding will help Mendip Renewables raise £1.8 million to take a 5MW operational solar farm in Somerset into community ownership.
Investors will be able to earn 5% interest per year, repayable over 17 years.
It will also assist Rendesco in raising £5.5 million to develop green energy from ground source heat pumps and is paying 7% interest per year over a seven-year term.
The company hopes to develop 100 sites, with a focus on providing low carbon heating to keep the elderly warm in retirement homes.
The platform, which the bank says is the first to be launched by a business of its kind in the UK, will launch on the 3rd of February.