Renewable Energy Generation Ltd (REG)
Advised the project owner on the launch of crowd funding for up to £1.5m
REG High Down plc – part of the wider REG group –launched its first debenture offering using the Abundance Generation platform (Abundance) on February 13th 2014. Abundance aims to link up communities and individuals with renewable energy projects by allowing them to invest from as little as £5 in exchange for a debenture in the project. REG High Down plc is seeking to raise up to £1.5m fora 500 kW single wind turbine near the village of Pensilva, Cornwall. The turbine is constructed and is expected to generate 1,810 MWh a year, which will be used to supply nearby towns and villages through the local distribution network.
REG aims to generate clean, economical and socially responsible power; believing that members of the public should be direct stakeholders in the future of clean renewable energy. The High Down debentures allows members of the public the opportunity to invest, offering them an effective rate of return over the life of the investment estimated at 8.4% – 9.3%.
QMPF provided financial advice to REG on the financial structuring of the project. This marks the first time QMPF has advised on a project funded through a crowdfunding platform. The Abundance model is an exciting and innovative source of funding in the renewable industry with considerable potential .
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