Octopus Energy customers are rushing to invest in a new Cornwall wind turbine project on the company's investment platform, the Collective, with record demand seen for the latest opportunity. The energy supplier, which serves Birmingham households, reported that customers snapped up the chance in just over an hour.
Fastest sell-out yet
The Collective, launched last year, became the UK's first FCA-regulated retail investment platform operated by an energy company. It allows individuals to invest in renewable projects from as little as £25. The latest offering sold out in just over an hour, raising £550,000 and marking the platform's fastest sell-out to date. Nearly 180 people backed the project, with over half investing £1,000 or less.
Investment returns and benefits
The project targets returns of 6.75% per year over five years, with investors expected to receive their original investment back at the end of the term. Returns are paid quarterly, and Octopus Energy customers can have these payments directed straight into their energy account to help reduce their bills.
This North Cornwall wind turbine is the platform's first repowering project and its third overall. Octopus is upgrading the older turbine with newer, more efficient technology to generate more clean electricity for years to come.
CEO comments
Zoisa North-Bond, CEO at Octopus Energy Collective, said: “People don’t just want cleaner, cheaper energy – they want to benefit from the energy revolution. The Collective gives people the chance to back local green power and share in the rewards, and the fact this latest project sold out in a little over an hour shows how strong the demand is.” She added: “The response has been nothing short of remarkable, and we’re already working on adding more opportunities for those who missed out this time.”
