Green energy investor Solar 21 has acquired the project rights to build a 22 megawatt biomass power plant near Hull in England. The renewable energy firm has opened its first round of fundraising for investors, and aims to raise €60m for the project, which has been under construction since October.

It’s the first of five projects planned by the company in partnership with Heat Recovery Solutions, a supplier of energy recovery systems, and associate company CF Struthers which will manufacture the plant.

Solar 21 says the five projects will absorb €500m in development costs with completion values exceeding €1 billion. The firm is offering the lure of high returns to investors and the satisfaction of ethical profits.

CEO Michael Bradley (pictured) said: “This is a perfect opportunity for conscientious investors to participate in an ethical company while securing strong returns. Investors can make a direct cash investment or a pension investment through a wide range of self-directed pension structures.”

Three Years, 31.5%

In Association with

According to Bradley, the key features of the latest investment are a 31.5% gross return, rolled-up, and a three-year investment term with all capital fully repaid at the end of term. A minimum initial subscription of €50,000 is required.

The biomass power plant uses a fluidised bed combustion technology which can use several fuel sources and yields low emissions combined with high efficiency. When the €60m Hull plant opens in spring 2017 its electricity output will be sold to Northern Grid, and feedstock suppliers will hold 5% of shares in the project.

Solar 21 holds a portfolio of solar, wind and other green electricity projects and says it has delivered consistently high returns, often over 7.5% annually, since it opened its doors in 2010. Its business model involves investing in turnkey projects which have guaranteed sales agreements with electricity utilities.