The fixed-rate EcoBonds, which have an initial four-year term, will pay an annual rate of interest of seven per cent (or 7.5 per cent for Ecotricity customers). They are open to UK-based individuals, companies, trusts, charities and other legal entities and are subject to a minimum £500 investment.
However, the company says that the issue of the EcoBonds is conditional upon the company having received, in aggregate, applications for not less than £1,000,000 of the bonds by 10 December 2010. The EcoBonds will be issued by Ecotricity Bonds, a wholly-owned subsidiary of the company.
Ecotricity now supplies energy to more than 42,000 customers from 51 wind turbines at 15 wind parks across the UK. It has also submitted plans for its first large-scale solar farm, based next to its existing wind farm in Lincolnshire, which will be the UK’s first combined wind and solar energy park.
Ecotricity has plans to build more than 1,000MW of green electricity generation capacity and supply more than 500,000 customers within the next 10 years. It also intends to increase its investment in other green energy technologies, including solar and green gas made from organic waste.
Ecotricity already has planning consent for a further 12 wind turbines with 78 more at various stages in the planning process, which together would almost treble Ecotricity’s electricity generation capacity over the next few years.
Dale Vince OBE, Ecotricity founder and managing director, said: ’The funds we raise will be used to speed up the rate at which we build new sources of green energy — something the UK badly needs.’
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