The first commercial wind turbines in the West Midlands could be built using money raised from a new green investment product.
Renewable energy company Wind Prospect Group this week launched a corporate retail bond onto the UK market with the aim of raising £10m.
The renewable energy bond — called ’ReBonds’ — promises to deliver a return of 7.5 per cent over a four-year initial investment period, with a higher rate for larger investments. The offer is open for an eight-week period and will be available on a first come, first served basis.
Much of the capital raised from the bond sale will be used to fund the first commercial wind turbines ever to be built in the West Midlands, on land owned by South Staffordshire College.
Wind Prospect’s on-site generation business — Wind Direct — already has planning consent for the two-turbine project, which will see energy supplied directly to the college’s Rodbaston campus. Construction of the turbines is planned to start this summer.
Euan Cameron, chief executive officer at the Wind Prospect Group, said: ‘Wind Prospect has been developing wind energy projects since the early 90s and this is the first time we have opened up such an investment opportunity to the UK public.’