The first wind energy investment eligible to be held tax-free in an ISA (Individual Savings Account) has raised almost £1 million.
It was launched on Monday by investment company Abundance and it has achieved more than 40% of their target already, the firm claims.
The scheme is to refinance the Upper Pitforthie Windgen 500kW wind turbine in Aberdeenshire, which was commissioned in August 2016 and is therefore pre-accredited for the Feed-in Tariff subsidy level prior to the recent cuts.
With the subsequent reduction in FIT for onshore wind this will be the last opportunity to invest in wind with Abundance in the near term, the firm stated.
It offers an effective average annual rate of return estimated at 7.3% to 8.5% in the 17-year investment life, with a minimum investment of just £5.
The total amount available for investment is £2.3 million.
Bruce Davis, Founder and Managing Director, Abundance, said: “Christmas is normally a time when spending trumps saving but we have seen record demand for Upper Pitforthie Windgen, our latest debenture offer paying long term returns. The fact that our investments can now be included in the tax free IFISA [ Innovative Finance ISA] means that investing in wind energy generation is proving all the more popular.”