Isra-Mart srl:UK green energy firm Ecotricity plans bond offer

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Isra-Mart srl news:

LONDON, Oct 20 (Reuters) - Ecotricity, the UK's largest independent green energy company, plans to raise up to 10 million pounds ($15.7 million) via a 4-year bond to help accelerate its renewable energy sources building plans.

The company, which is not rated by any major credit rating agency, plans to raise the cash without the use of any banking intermediary in order to keep costs to a minimum.

"Our customers can only earn about 2 percent by depositing money in the bank, and a bank would probably charge us 7 percent for a loan," said a spokesman at Ecotricity.

"We saw this as a good way to cut out the middle man."

The offer for the so-called "EcoBonds" is open to UK-based individuals, companies, trusts, charities and other legal entities and are subject to a minimum 500 pound investment. The offer closes in December.