Major crowdfunding push from renewables firm Oakapple for solar project

RENEWABLE energy firm Oakapple has launched a second round of crowdfunding for its solar site, and has already hit the £374,000 mark with a third round on the horizon.

Leeds-based Oakapple launched the crowd funding attempt with green investment site Abundance Generation to complete the next phase of its installation of roof mounted solar PV systems for one of the top five national house builders.

The target is to raise £415,000, and is expected to close within the month.

A third tranche likely to be launched later in the spring for a further £500,000.

Following the successful Oakapple One plc project which launched in the summer of 2013 and raised its target of £480,000 in just over a month, Oakapple Two reached almost two thirds of its target in a week.

The money will purchase 416kWp of solar PV installations which will be installed on domestic roofs throughout the UK, most of which are expected to be new build apartments.

Thirteen systems are already in situ and generating 154kWp, with the remainder being installed before the end of May 2015.

The systems, which are installed as part of the construction process, will be owned and managed by Oakapple Two.

Oakapple Two has been launched as an Income Growth Debenture on the Abundance Generation website.

This is a long-term unsecured debenture that gives the holder the right to receive a defined amount of interest income each year, which increases annually for the life of the investment.

For Oakapple Two this will be 3.52% in the first year and will rise by 3.52% each year until maturity.

The amount paid out is not linked to the amount of energy produced and is paid in addition to repayment of the capital in the form of regular cash returns.

Chairman of Oakapple Renewable Energy, Phil Taylor, said: “With the first tranche proving to be so popular I was confident Oakapple Two would also be very attractive to investors, and so it has proved with such an impressive take up.

“Naturally we are delighted that one of the top national house builders is impressed with the work we have done to date.

“As the contract is extendable to further sites we are planning to launch a third tranche of crowd funding through Abundance for a similar amount.

“It has been good to work with Abundance Generation which gives people the chance to invest in renewable projects, enabling them to make money while supporting the planet.”

This is the third project for Oakapple Renewable Energy on the Abundance platform. ‘Oakapple Berwickshire’, which is Europe’s largest ever crowdfunded solar energy project, was launched on 31 October and has raised almost £950,000 of the £3.1m target.

The money raised is being used to install up to 749 roof mounted solar PV systems for Berwickshire Housing Association.