Invest in renewable heating to further the transition to net zero

Renewable Heat Holdings Limited


"We are extremely proud of what we have achieved building our portfolio of heat pumps. Renewable heating remains far behind renewable electricity generation in the UK, and is a key area of the transition to net zero. With the planned changes to building standards to increase renewable heating in the UK, we feel we are well positioned for our next phase of growth."

Alastair Murray, Co-Founder and Managing Director, Renewable Heat Holdings Ltd

Renewable Heat Holdings Limited

Renewable Heat Holdings Limited (“RHHL”) is an industry leader in ground source heat pump technology and among the largest owner-operators of ground source heat pump systems in the UK.

RHHL owns and operates over 70 non-domestic ground source heat pumps with a combined capacity of 11.55MW, generating more than 17,000MWh of renewable heat per year. All of these assets have been installed in new-build retirement homes.

RHHL receives revenue from the government’s Renewable Heat Incentive (RHI) scheme, which pays producers of renewable heat for the energy they supply. The RHI payments are guaranteed for a 20-year period and are index-linked to protect against inflation. The RHI is now closed to new installations, so the directors are looking to expand the business through design and installation rather than through ownership of the heat pumps.

The bond offer

RHHL is seeking to raise £3 million through this bond offer. The capital raised will be used to provide the working capital to grow the design and installation business by expanding the team and infrastructure.

By leveraging RHHL’s existing asset base and income streams to raise funds through the bond offer, investors have the opportunity to support the widespread roll-out of ground source heat pumps and to support the transition to net zero in the UK.

IFISA eligible

RHHL bonds are eligible to be held in a Triodos Innovative Finance ISA (IFISA). The IFISA is a type of ISA that allows you to hold crowdfunded debt securities such as this bond. As with all ISAs, there are eligibility criteria and you receive interest tax-free. ISA eligibility does not guarantee returns or protect consumers from losing their money.

To invest in RHHL bonds through a Triodos IFISA, select the ‘Invest through IFISA’ option. This selection will add to your current year IFISA or will open a new IFISA if you haven’t previously opened one.

Transferring an existing ISA

If you want to invest by transferring an existing ISA to a Triodos IFISA you must first request the transfer. You can do this under ‘Account’ once you’ve become a registered user of the platform. Your ISA transfer must be completed first, before you make an application for bonds.

Rollover process

Please read our frequently asked questions and answers here on the rollover process 'for existing bondholders'.

Key terms


Renewable Heat Holdings Limited

Target amount



7 years, repayable on 31 October 2028

Minimum investment



5% gross per year. Payable in arrears on 31 October each year (paid net of UK basic rate tax unless held in an IFISA). Payment of interest and repayment of capital are not guaranteed.

Early repayment

Renewable Heat Holdings Limited has the right to repay the bonds in part or in full after two years. Bond capital repaid within two years is subject to an additional 6 months’ penalty interest.


The bonds are secured by way of a first ranking charge over the assets of RHHL and a second ranking charge over the company’s investments in the asset owning subsidiaries, ranking behind the senior lender’s first ranking charge. Asset security does not mean that capital or interest payments are guaranteed in any way. In the event of any wind-up or liquidation, the senior lender will be repaid first and has full control in a default or enforcement scenario until it is repaid in full.


Bonds are transferable but are not listed on any investment exchange which means that bondholders will have to find a willing buyer and agree a purchase price with them, which in practice may not be easy. Investors should be prepared to hold the bonds for their full seven year term. 


An interest payment reserve of one year’s interest must be maintained. Any additional borrowing must be unsecured or subordinated to the bonds with the majority of any capital repayment for the new debt falling after the repayment date for the bonds.

Minimum raise

£2,500,000. If less than £2,500,000 is raised, monies will be returned to investors with no accrued interest.


Closes on 15 December 2021, unless fully subscribed earlier or offer is extended. Bonds are allotted 15 days after close and investors start to accrue interest from that date. 

Capital at risk - warning

Past performance is not an indication of future performance. Capital is at risk and returns are not guaranteed. Investors should read the offer document in full, including the risks section, before deciding whether to invest. 

Please note that payment of interest and capital is not guaranteed and is dependent on the continued successful operation of Renewable Heat Holdings Limited.

Download the offer document by logging in or registering.

  • £3,000,000 of £3,000,000
  • 0 hour left
  • 100% raised
Minimum investment



7 years


5% per year

Tax relief

IFISA eligible

Offer Closed