Managing Your Cash Flow
Octopus races to raise money for solar deals
1 min read
08 August 2011
Octopus is looking to raise up to Â£120m in EIS and VCT funds to invest in renewable energy ahead of tax changes next April.
The news follows Octopus’s last-minute funding deal to build 11 solar power plants with Lightsource Renewable Energy before a government subsidy was pulled.
“People haven’t missed out on the investment opportunity from solar, but now that the August 1 deadline for large scale solar farms has passed, the focus has turned to a portfolio of smaller solar installations,” says Paul Latham, managing partner of Octopus.
Smaller installations typically mean less than 50Kw sites, or “about the size of two tennis courts”, according to Latham.
Investments in solar currently qualify for VCT and EIS tax benefits, although this is expected to change on April 5, 2012. Investors can commit as little as £3,000 to the new funds.
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