Green bond raises almost £19m

A green energy company has raised £18.5 million through the launch of its recent bond. Ecotricity’s ‘ecobond three’ aimed to raise £25 million to build more green energy projects in Britain. […]

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A green energy company has raised £18.5 million through the launch of its recent bond.

Ecotricity’s ‘ecobond three’ aimed to raise £25 million to build more green energy projects in Britain.

It offered a return of 5.5% a year to investors and 6% to its customers.

The money will help finance six new green energy projects – five wind farms and a solar farm – which could generate enough electricity to power more than 10,000 homes.

Ecotricity previously issued ecobond one (2010) and ecobond two (2011), which were both oversubscribed and both raised £10 million.

Ecotricity Founder, Dale Vince, said: “This is our third and biggest ecobond yet and it’s quite an incredible outcome given the background we’ve been working in these last few months – the relentless attacks on the renewable energy industry by the new Tory Government, which can’t have exactly boosted confidence in the sector.

“This is a fantastic show of support, from our customers and the wider public.”

Barclays recently said it plans to invest a further £1 billion in green bonds and a record total of £24 billion worth of green bonds were issued globally last year.