Finance: Share issue nets £1m in two weeks

Triodos Renewables, a fund established by Triodos Bank to finance energy regeneration projects, has raised £1m in the first two weeks of its share issue.

It represents the fastest response Triodos has had to an ethical share or bond issue. Cafedirect, the Ethical Property Company and Golden Land Housing are other organisations to have issued shares through Triodos.

The Triodos Renewables fund, which was launched at the end of April (Third Sector, 4 May), is aiming to raise £5m for investment in wind power and other renewable energy projects across the UK.

The £1m was invested by 450 people, each contributing an average of £2,600.

Shares were priced at £1.40 each. The fund is aiming to provide investors with dividends of 12 per cent within five years.

James Niven, Triodos communications manager, said: "This demonstrates that, despite the debate surrounding wind power, there is a real appetite to invest in a practical way to tackle climate change."

Charles Secrett, Triodos Renewables chair, added: "The Triodos Renewables share issue has captured the imagination of ordinary people. But we're keen to attract more investment if we're to make meaningful change a reality."

The investment in Triodos Renewables was welcomed by environmental pressure groups. A Friends of the Earth spokeswoman said: "It's brilliant news that people can make money out of doing the right thing rather than being incentivised to do the wrong thing. Renewable energy is one of the key ways of tackling climate change."

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