£2.5 million bond offer to build hydro project reaches full subscription in just 6 weeks
- Forecast to generate enough clean, green electricity to power the equivalent of 450 homes.
- Median investment was £5,000 with over 280 investors.
- Bond offer oversubscribed and closed early.
Dave Mann, Director of Linton, says: "This project generates a positive impact on a number of levels. It allows us to harness the power of the river Ouse to produce a significant amount of clean renewable electricity as well as building new modern fish passes and a canoe pass at Linton Lock in partnership with Canoe England."
This is the seventh renewable energy investment the Triodos Bank corporate finance team has promoted in the last two years, bringing the total amount of capital raised for new renewable energy generation to over £16m in that timeframe. Linton Hydro is the third river hydro scheme that Triodos has worked on with Castleford Engineering, Fishtek and MannPower – a team with the combined expertise to design, deliver and maintain first-class hydro projects up and down the UK.
Dan Hird, head of Triodos Bank Corporate Finance, comments: "Despite challenges such as reduced Feed-in Tariff subsidies and uncertainty stemming from June’s EU referendum, Triodos will continue to raise funds for new renewables schemes. We look forward to working with the same team again as new hydro projects come into development over the coming months."
*Estimate based on the most recent statistics from the DECC showing that annual UK average domestic household consumption is 4,115 kWh
Notes to editors:
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About Linton Hydro Ltd
Linton Hydro Ltd was established in 2016 to develop a new pre-accredited 280 kW hydro power scheme at Linton Lock at Nun Monkton on the river Ouse in North Yorkshire and to acquire an operational 100kW hydro scheme. Linton Hydro Ltd was founded by four directors who have significant experience in the development and construction of hydro power schemes, with complimentary backgrounds in civil engineering and fisheries science and hydro technology.
About Triodos Corporate Finance
Triodos Bank is one of the world's leading sustainable banks. Its advisory arm, Triodos Corporate Finance, works exclusively with sustainable businesses and has a long track record of advising businesses on raising capital through private placements and retail offers. Over the past five years, Triodos Corporate Finance has raised over £75 million for businesses within the sustainability sector with investments from institutions, charitable foundations, high net worth individuals and retail investors.
Triodos Bank Corporate Finance has published an offer document in cooperation with Linton Hydro Ltd dated May 2016. Applications can only be made on the basis of, and subject to the terms and conditions and other, the information contained in the offer document and accompanying application pack. Linton Hydro Limited is a company registered in England (10141737). Registered address: Woodwater House, Pynes Hill, Exeter, United Kingdom, EX2 5WR.
This financial promotion has been issued and approved by Triodos Bank NV, incorporated under the laws of the Netherlands with limited liability, registered in England and Wales with branch number BR3012, authorised by the Dutch Central Bank (DNB) and regulated in the UK by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Details about the extent of our regulation by the FCA and PRA are available from us on request. Registered office: Triodos Bank, Deanery Road, Bristol BS1 5AS.