Not-for-profit energy supplier launches Social Purpose Bond
The Edinburgh-based company has secured £10 million to date in debt finance and is bringing a three-year, unsecured bond via the Ethex platform paying a return of 6.5% to raise £4.5m in working capital.
Launched in 2016 by social housing providers which includes housing associations and local authorities, Our Power was set up as a social enterprise with the aim of providing fair, affordable, clean and secure energy for all customers, while removing discrimination and poverty from the energy sector.
The minimum investment that an individual or organisation can make is £500 with no maximum. Our Power has received advanced assurance from HMRC that investment in this bond offer will be eligible for Social Investment Tax Relief (SITR), subject to an investor’s personal circumstances, current legislation and Our Power’s compliance with the rules.
The offer will remain open to applications up to the value of the maximum sum, or until 21st December 2017, whichever is the earlier. The directors may extend the offer at their discretion.
Alister Steele, chair and co-founder at Our Power, said: “For investors, this is an opportunity to help a social enterprise tackle inequality and grow while securing a great return.
“This is an exciting time for Our Power. We have 54 social housing providers as members and have established our customer base and business model which is supported by an ambitious five-year plan that is projected to see the business grow to £100m turnover and achieve profitability by 2021. This is in addition to having five operating customer service hubs in regions of high unemployment providing 200 new jobs and being positioned as an influential player in the GB energy and social enterprise sector.
“Investment in our bond offer will help us to successfully achieve these business plan targets.”
To find out more about Our Power’s Social Purpose Bond or to invest in the bond please visit here.