This week, ethical P2P investment platform Abundance launched a new fundraising campaign for tidal power company, Atlantis Ocean Energy aiming to provide funding for the largest planned tidal stream project in the world.
The campaign aims to raise up to £5 million for the Scottish renewable energy company, who wish to use the funds to further their success in exploiting tidal power. Its flagship tidal project, MeyGen, situated 2km from Scotland’s northeast tip, started generating electricity last year and it is the only commercial multi-turbine project on earth.
Abundance - who offer "investments that create something good for the environment and society" - is offering investors the opportunity to participate in the 5-year, 8% debenture offering from as little as £5. As of this morning, the campaign had raised £1.1 million, or 26% of its funding target of £4.3 million.
Using Crowdsurfer Pro, we can see that the coupon of 8% is favourable when compared to historic precedents involving other renewable energy projects:
Bruce Davis, director and co-founder of Abundance, said: “Tidal power has been top of the wish-list of our investors since the launch of Abundance. It is great to finally allow them to add it to their portfolio.”
The diversity of investment opportunities being offered by P2P continues to grow. Financing for new energy projects such as tidal, solar and battery storage are more important than ever given the delicate state of the world's non-renewable energy resources. It's telling and extremely heartening to see P2P being used to fund projects that really matter to the future of our environment.