The opportunity sold out in just over an hour, raising £550,000 in the investment platform’s fastest sell-out yet – as more people look to back Britain’s green energy future and directly benefit from it.
Launched last year, the Collective became the UK’s first FCA-regulated retail investment platform by an energy company. A major step in democratising clean energy ownership, it allows people to directly invest in renewable projects from as little as £25. Almost 180 people backed the latest project, with over half investing £1,000 or less.
The project is targeting returns of 6.75 percent a year over five years, with investors expected to get their original investment back at the end of the term. Any returns are paid every three months, and Octopus Energy customers can have these paid straight into their energy account to help slash their bills.
The North Cornwall wind turbine is the platform’s first repowering project, and its third project overall. Octopus is giving the older turbine a second wind, upgrading it with newer, more efficient technology to generate even more clean electricity for years to come.
Located in one of the windiest parts of England, the upgraded 400 kW wind turbine will produce enough breezy power a year for 500 UK homes, equivalent to charging over 16,000 electric cars – all while saving over 200 tonnes of carbon from entering the atmosphere.
The project is also supporting nature, with 400 native plants and trees added to the working farm where the turbine is located.
This is the Collective’s first bond investment, as previous projects were offered as a share investment. Unlike share investments, eligible investors can choose to hold the bond in an Innovative Finance ISA (IFISA) to earn tax-free interest.
Following its ‘Pass the Power’ initiative, which invites other renewables projects to register interest in joining the platform, Octopus is gearing up to launch further investment opportunities soon. Those interested in investing in future projects can sign up to register to be a member of the Collective.
“People don’t just want cleaner, cheaper energy – they want to benefit from the energy revolution” said Zoisa North-Bond, CEO at Octopus Energy Collective. “The Collective gives people the chance to back local green power and share in the rewards, and the fact this latest project sold out in a little over an hour shows how strong the demand is. The response has been nothing short of remarkable, and we’re already working on adding more opportunities for those who missed out this time.”
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