Renewable energy company Ecotricity exceeded their target for a new green bond by over £6 million.

The bond works like any other, except the money is invested only in renewable energy in the UK. Starting with a minimum of just £500 of investment, it will have an initial four-year term with a return of 6% and 6.5% for Ecotricity customers.

By deadline day on December 16, more than 2000 people had applied for £16.2 million worth of ecobonds, exceeding the success of the previous ecobond by 62%.

Ecotricity founder Dale Vince said: “It’s fabulous that ecobond two has exceeded the success of ecobond one and confirms that this radical idea was not a flash in the pan.”

The money from the first bond has been invested in building a windmill in Cardiff, a third wind turbine to power Dagenham’s Ford engine factory and the UK’s first hybrid Energy Park in Lincolnshire.