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United Kingdom

United Kingdom

Wind Prospect to raise finance with bond initiative

UK: Independent UK developer Wind Prospect has launched a £10 million (€11.4 million) corporate bond with the aim of raising funds for new projects.

Raising money. Wind Prospect will use the bond to finance new projects
Raising money. Wind Prospect will use the bond to finance new projects

Bonds are increasingly seen as a way forward for smaller, independent developers who in the current economic climate have found it harder to raise funds.

The first £6 million of the money raised will be earmarked for building Wind Prospect’s 4MW consented two-turbine wind project at South Staffordshire College’s Rodbaston campus.

The remaining £4 million will provide development capital to bring forward some of the company’s UK projects.

The minimum investment in the renewable energy bond – or "ReBonds" – is £500 and is expected to yield a fixed rate of return of 7.5% over a four year period, although investments of £10,000 or more will see an 8% return.

Ecotricity was the first UK wind developer to access bond finance with its £10 million "EcoBonds" issue in September 2010.

This was 50% oversubscribed, demonstrating considerable appetite for ethical renewable investments.

Elsewhere, Cape Wind is considering tapping the bond market for part of the financing for the United States’ first offshore wind farm.

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