Update: 27.07.2018 - Extension of offer
Below is a copy of a letter from the Energy Garden team explaining the reason for the extension and impact on the remainder of the investment offer.
Re: Update to Energy Garden Bond Raise
Thank you for your ongoing support for our work. We are writing to give an update with Energy Garden’s work and on our investment raise.
As of 27th July, Energy Garden has decided to extend our offer deadline to 26th October 2018 to enable more people to invest and give time for negotiations with some institutional investors to complete. The Institutional investors need to complete their due diligence which is expected to complete in October.
The good news is that Energy Garden have secured operational funding from the Greater London Authority, Bank of America Merrill Lynch and Peoples Post Code lottery to continue the youth training and schools programme and to develop gardens.
As you know, the bond offers a target interest rate of 4% per year with the interest and capital returned by year 20. We are very grateful for your pledged funds, and we hope you will continue to remain pledged during this extended period. The extension means there is no change to the targeted interest accrual date. Your interest payment and the impact of Energy’s Garden’s work is dependent on Energy Garden reaching its £2 million target. If these criteria are not met then your initial investment will be returned in full.
We hope that you will continue to support Energy Garden and spread the word about this great community energy initiative.