Leeds-based Oakapple Renewable Energy in partnership with Glasgow-based Edison Energy is participating in Europe’s largest ever crowdfunded solar energy project
The £3.1 million scheme is being financed through Abundance, the UK’s ethical investment platform.
According to the partnership, they will install 749 roof mounted solar PV systems with a total capacity of 2,595 kW for Berwickshire Housing Association (BHA).
The scheme is known as Oakapple Berwickshire, which will be launched in four months.
During initial promotion, investors will earn 7 percent interest from the date they invest to 31 May 2015 when the solar panels are fully operational.
It is possible to pay interest in arrears and the first payment will be made once the minimum £500,000 investment edge is reached.
From 1 June 2015 investors will begin to get their capital and interest return for 20 years, at a 7.5percent internal rate of return.
This is the second time Oakapple Renewable Energy is collaborating with Abundance.
Last year both firms have jointly raised £480,000 to purchase a 0.435 MWp portfolio of roof –top solar PV systems on newly built residential properties across the UK.
Abundance owns a reputation in providing sustainable energy solutions to social housing and it is great that Oakapple is able to provide solar power to benefit the tenants of BHA who may be struggling with their electricity bills, commented, Phil Taylor, chairman, Oakapple Renewable Energy.
With Oakapple Renewable it is able to fully cover the costs of Solar PV projects. It makes an attractive proposition and the company welcomes this opportunity to talk to other housing associations who might like to help their tenants benefit in a similar way, noted, Fraser MacKenzie, business development director.
The tenants living in these solar powered homes will enjoy a substantial drop in their energy bills, with as much as a 30 percent reduction saving potentially over £100 per home a year, without having to pay anything towards the project, said, Helen Forsyth, chief executive, BHA.
Sabeena Wahid
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