Ecotricity brings back £10m green energy bond drive
One of the UK's largest green energy producers Ecotricity has relaunched its ecobond renewable investment scheme.
The drive, which was launched at the weekend, is a repeat of ecobond one, launched in October last year, which was oversubscribed by 50%.
Its new scheme called ecobond two launched on Saturday (November 5) is also seeking £10m and aims to ‘bypass’ the banks and allow people to share in the benefits of the green energy revolution ‘without needing to stick anything on their roof’.
The scheme offers fixed and will have an initial four-year term paying an annual rate of interest of 6%, however that rises to 6.5% for Ecotricity customers.
The bonds are open to UK-based individuals, companies, trusts, charities and other legal entities and are subject to a minimum £500 investment.
ecobond two will be issued by Ecotricity Bonds plc, a wholly-owned subsidiary of the Ecotricity Group Limited (Ecotricity), which has guaranteed the payment obligations of Ecotricity Bonds plc for ecobond two.
Ecotricity founder, Dale Vince OBE, said: “We operate on a unique basis – taking the money our customers spend on their energy bills and using it to build new sources of green energy.
“To accelerate that building process we launched a pioneering new type of ethical bond last year, which was an instant hit with our customers and the wider public alike.
“Proceeds from ecobond two will likewise be put to work building more new sources of green energy with the aim of increasing Ecotricity’s green energy generation by 50% during 2012.
“Crucially we cut out the middlemen, the banks, and pay people the same rate of interest on ecobonds that banks would charge us if we borrowed the money from them.”
For more information and to apply for ecobond two visit www.ecotricity.co.uk/ecobond.