Scots hydro opens funding pump
Abundance Investment seeks investors for three projects of up 400MW each
Intelligent Land Investments (ILI) Group is planning to build three pumped hydro projects in Scotland each with capacity of between 300MW and 400MW.
ILI Pump Storage Hydro is seeking planning consent for the projects and has teamed up with Abundance Investment to seek investors for the hydro schemes.
The projects will be located near Loch Ness, at a site in the Trossachs and a third area in the Scottish Borders.
The Abundance scheme offers a minimum investment of £5, with the aim of raising £3.4m by the closing date on 28 February.
The three-year development debenture bond pays 3% interest a year semi-annually, with an additional 15% a year bonus to be paid following the successful sale of one or more of the projects.
The debenture could be extended by two years if more time is required to secure planning permission and sell a project, during which time investors will earn 6% interest a year.
ILI Pump Storage Hydro founder and director Mark Wilson said: “We put great value on involving landowners and local communities in what we do, so partnering with Abundance to raise funds from the general public to help us is another natural progression.”
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