- ‘The Collective’ from Octopus Energy sold out in its first week
- ‘Pass the Power’ gives projects the chance to register interest
- ‘The Collective’ is the first of its kind
Octopus Energy’s investment platform, The Collective has sold out its first two renewable energy projects in just a week.
To meet the influx of demand, the energy supplier has now launched its ‘Pass the Power campaign’.
‘Pass the Power’ gives other green energy projects the ability to register their interest in listing on the Collective platform. This is set to open up even more public ownership of clean energy projects, like wind and solar farms.
According to Octopus, The Collective is a first of its kind platform, which is free for investors to join. It allows more people to directly buy a share of renewables projects, with options to invest from £25 to £20,000.
Zoisa North-Bond, CEO of Octopus Energy Collective, Octopus Energy, said: “One in three British people we surveyed said they wanted to invest in green power and the response we’ve seen since launch has been nothing short of electric.
“Selling out our first two projects in just a week shows just how much demand there is to reshape and democratise how green energy is funded and owned.”
Hundreds of Collective members chose to buy into the first wind turbines in Yorkshire and Wales. The turbines are part of Octopus’ ‘Fan Club’ scheme where customers living near wind farms receive discounted electricity when it’s windy.
According to Octopus, the investment period for the Collective is approximately three years, and at the end, the project aims to buy back the shares at the original price paid – and members can withdraw this or reinvest it in other clean energy projects on the platform.
Investors can also track their investment and how much clean energy these turbines are generating in their Collective account.
Any investors who are current Octopus customers also have the added option of linking potential dividends to their energy accounts to reduce their bills.
People who are interested in finding out more can visit the Collective website, and projects interested in working with the Collective should visit the ‘Pass the Power campaign’ website.
North-Bond added: “With our ‘Pass the Power’ campaign, we’re now also inviting other projects to register their interesting in listing on our platform to unleash even more public ownership of renewables.
“By adding more projects onto ‘the Collective’, we can empower even more people to take part in the clean energy revolution.”
Octopus Energy’s ‘the Collective’ platform marks the energy supplier as the first energy company in the UK with a retail investment platform regulated by the Financial Conduct Authority.
Investing on the Collective platform involves risks to your capital.
