Bank to finance green power projects

Ethical bank Triodos has announced that it will be launching a public share issue in order to raise eight and a half million pounds to put in wind energy projects and other renewable energy schemes throughout the United Kingdom.

Triodos Renewables, which is a subsidiary of Ethical bank Triodos, focuses on investing in wind energy generation projects, hydro electricity projects and other up and coming green power firms in the United Kingdom.

Triodos Renewables owns and runs two wind farms - one in Cumbria and the other in Lancashire. It also has two wind turbines - one in the Orkney Islands and the other in Suffolk. It owns a hydro electricity generating scheme in Scotland and has a stake in Marine Current Turbines and Connective Energy which are both start-ups in the renewable energy sector.

By issuing more shares Triodos Renewables intends to use the funds raised to finance more renewable electricity projects in the next twenty four to thirty six months. Approximately five and a half million shares will be issued at a price of 1.65 pounds each.

A spokesperson from the firm revealed that that the return on investment from the previous share issue was almost twenty three per cent. He added that the firm’s management anticipated that this rate would be surpassed in future.

The lowest number of shares that one can buy is five hundred which translates to an investment of eight hundred and twenty five pounds. The company spokesperson disclosed that an investment of two thousand nine hundred and seventy pounds would help in the generation of green electricity which was equivalent to the yearly carbon footprint of one individual.

www.triodos.co.uk