Leeds renewable energy firm partners with green investment site to launch new £415k project

Oakapple Renewable Energy, based in Leeds, has partnered with green investment site Abundance Generation to launch a new £415k project for the installation of roof mounted solar PV systems for one of the top five national house builders.

This new initiative, which is Oakapple Renewable Energy’s second tranche of crowdfunding on the Abundance platform, has already raised £374k and is expected to reach the set target by the end of the month. A third tranche is expected to be launched later this spring for an additional £500k.

The funding will enable the purchase of 416kWp of solar PV installations, which will be installed on domestic roofs, mainly on new build apartments, throughout the UK.

Oakapple Two will manage and own the roofing solar systems, which will be installed as part of the construction process. Homeowners can expect to receive free electricity generated by the solar panels and Oakapple Two will collect the feed in tariff.

Launched as an Income Growth Debenture on the Abundance Generation website, Oakapple Two is set in a long-term unsecured debenture that gives the holder the right to receive a specific amount of interest income each year, which increases annually for the duration of the investment.

As for Oakapple Two, this will be 3.52% in the first year and will then rise by 3.52% every other year.

Phil Taylor, chairman of Oakapple Renewable Energy, 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.”