Despite the fragile economic climate Triodos Renewables Energy Fund has announced that its recent share issue has exceeded its fundraising target.

With investors ranging from grandmothers aiming to protect the future for the next generation to wealth management organisations, Triodos Renewables has raised £10m from over 4,000 shareholders who have invested their money in UK renewable energy projects.

“We are very pleased with the success of this fundraising in challenging market conditions. Investors have shown confidence in the company based on our track record of investing in this space,” explained James Vaccaro, Managing Director of Triodos Renewables.

“The money raised will be used to more than double the amount of green electricity the company produces in the next two to three years. Triodos Renewables offers a powerful way to make a difference, and we’re delighted so many people have chosen to take it.”

Existing shareholders and institutional investors include Morley Fund Management, RBS Wealth Investment Management and Rathbones Greenbank.

“The Triodos Renewables share issue gave us the unique opportunity to invest directly in the fast growth area of UK renewables with an organisation which has a strong track record in this field,” said Peter Michaelis, Fund Manager at Morley Fund Management, which made its first investment in the company.

Jean Morris, from Worcestershire, who invested in Triodos Renewables for her 11 grandchildren, said: “It is satisfying to think that I have helped build a more renewable future in the UK for my children and grandchildren.”

Triodos Renewables has financed innovative projects, such as the Haverigg II Wind Farm in Cumbria, a re-powering wind farm project at Caton Moor in Lancashire, a single wind turbine in the Orkney Islands, and the Beochlich Hydro Electric project in Argyll in Scotland.