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Populo Energy, an operator of solar power projects in East Anglia and Norwich, is raising £6.25 million on the Downing Crowd investment platform.
The business currently runs 33 solar assets, including roof-mounted solar installations ranging in size from 49 Kilowatt hour (kWh) to 239kWh and ground-based solar sites. Together, Populo’s solar projects currently generate enough electricity to produce power for 1,900 UK homes for a whole year.
Solar installations make money by converting solar energy into electricity. Every Megawatt hour (MWh) of energy generated is sold to create an income by way of a Power Purchase Agreement and the price is determined by supply and demand.
How does the £6.25 million fundraise work?
The Downing Crowd platform enables investors to lend directly to a wide range of UK businesses via bonds that are secured against a company’s assets. This security seeks to reduce investor risk by enabling Downing, as security trustee, the right to sell these assets if the Borrower defaults on the Bond. The £6.25 million bond for Populo Energy will allow investors to earn 4% p.a. interest over a period of up to 16 months.
The Downing Crowd platform launched in March 2016 and has so far raised over £66 million on behalf of UK businesses. Of this, more than £25 million has been lent to energy businesses. Downing Crowd is part of investment manager Downing LLP, which also has significant expertise in the energy sector, having invested more than £500 million into energy businesses since 2010.
Julia Groves, Partner and Head of Digital at Downing LLP, commented:
“With close to a third of all power produced in the UK being generated by renewable energy , projects such as Populo Energy are potentially prosperous opportunities for investors to get involved in. Small scale, local, projects such as these are also an excellent chance for investors to get a clear sense of where their money is going and know that it is having a tangible impact on the UK’s renewable energy market.”