Distgen, an independent wind energy power producer, has successfully filled a new £550,000 bond offer on the Triodos Bank UK crowdfunding platform in just 21 hours. Bondholders are supporting the green energy transition and investing in wind energy in the Orkney Islands in Scotland.
Distgen (the trading name for the group parented by Participa) operates a fleet of refurbished community-scale Vestas wind turbines across the UK, positively contributing to the move from centralised fossil fuel generation to distributed renewable generation.
The bond offer by Distgen Westray LGC, a subsidiary of Participa, will partially repower their existing operational turbine on the island. This involves updating the technology with the aim of extending the lifespan, improving the efficiency, optimising the power output capacity and reducing operation and maintenance costs.
John Zamick, founder and CEO of Distgen, said, “Since 2005, we’ve focused on creating a circular economy model for wind turbines and getting the most out of their productive life. Wind is a cornerstone of achieving net zero, acting as a cost-competitive, resilient power source with the most decarbonisation potential per megawatt – and refurbished turbines make even better financial sense and have a lower carbon footprint.”
“We’re excited to have found so many like-minded investors in this short amount of time to support our work and, in particular, our profitable turbine in Orkney.”
The minimum investment in the crowdfunding offer was £50 and the company will deliver 7.75% return per year. As with all investments, interest payments and return of capital are not guaranteed.
Jeremy Pannell, Senior Corporate Finance Manager at Triodos Bank UK, “We’re really pleased to have filled this bond offer with Distgen Westray so quickly – we know that our crowdfunding community is always interested in impactful renewable energy projects.
“British-based renewable energy is a cheap and fast way for the UK to reduce its vulnerability to the volatile global fossil fuel markets and it’s great to be able to offer a FiT subsidy-backed investment. We are passionate about giving people the opportunity to invest in renewable energy and particularly repowering projects because it goes beyond gigawatts generated or the equivalent number of homes powered – it empowers people to feel part of the solution to issues like climate changes and social inequality.
“Repowering plays such a critical part in bolstering the energy output of existing projects and is a compelling ecological and environmental alternative to decommissioning existing wind farms and installing new turbines.”
Distgen’s High Availability for Extended Operation life (HAXO) programme has been implemented to ensure a reliable operation of its fleet of turbines. In addition to this, 100% of the generated electricity will be exported under a confirmed 12-month Power Purchase Agreement for the year ending 31 March 2026.
