A bond offer in Dove Renewables, which operates two hydro schemes in Ashbourne (Derbyshire) and in the River Teign in Devon, has raised £1.1 million on the Triodos crowdfunding platform.

The 11-year bond will pay 5% gross interest per year index linked. The money is being used to refinance existing higher cost bonds raised to finance construction of the scheme in 2016.

Both schemes benefit from the Government’s 20-year Feed in Tariff support mechanism for renewable energy. The Ashbourne scheme delivers wide ecological benefits in terms of fish migration in the River Dove and both schemes provide enough clean electricity every year to power the equivalent of 200 homes.

Over 184 investors filled the bond, £367,000 raised from investors who rolled over their 2016 investment in Dove and £733,000 from new investors.

Pete Kibel, Director of Dove Renewables, said: “We’re delighted that the offer was so well received and that many Triodos investors both known and new to us have invested in our schemes. Delivering clean electricity at the same time as helping native fish populations to recover in the River Dove is very rewarding. This just shows what hydropower can deliver for the UK and we’re thrilled to be a part of it.”

Dan Hird, Head of Corporate Finance at Triodos Bank, said: “Our investors really got behind the offer from Dove Renewables and showed their support for these schemes which have positive local environmental and ecological impacts. It’s always fantastic to see an organisation secure investment through the platform and we hope Dove Renewables continues to go from strength to strength.”

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NOTES TO EDITORS

*This statistic refers to the total amount of clean electricity generated by both weirs (Norbury in Ashbourne and Sowton, Devon). The total amount from Norbury weir alone would power 120 homes.

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About Triodos Bank

Triodos Bank is a global pioneer in sustainable banking using the power of finance to invest in projects that are good for people and the planet. Triodos uses its €15.5 billion in assets to create social, environmental and cultural value in a transparent and sustainable way.

With UK operations based in Bristol, Triodos Bank has branches in the Netherlands, Belgium, Spain, Germany and an agency in France. Globally, Triodos Bank has microfinance projects in Central Asia and Eastern Europe, and is a founding member of the Global Alliance for Banking on Values (GABV), a worldwide network of 54 banks seeking to transform finance into a vehicle of positive influence.

About Dove Renewables

Dove Renewables owns a 100kW single turbine hydro scheme in the Norbury Weir in the Peak District, which has been generating in line with forecast since its construction in 2016. As part of the construction of the Norbury Weir scheme, a new best practice fish pass was built. This allows salmon and trout to ascend the weir and reach historic spawning grounds. Since its introduction, there has been a large increase in fish passing the weir at Norbury, from almost zero in 2005 to well over 500 in 2017.