Residents in Swindon could soon be investing alongside the local council in a 5MW solar farm expected to generate financial returns for 20 years.
The Swindon Community Solar Farm project would be the first of its kind in the UK to allow residents to invest directly in Council Solar Bonds, with the minimum stake set at £5, assuming the scheme is approved at a council cabinet meeting next week.
"For years, companies have been trying to find ways to make investing more accessible and understandable," said Councillor Dale Heenan, cabinet member for transport and sustainability in the council, in a statement. "Swindon Borough Council's approach to solar farms means that local residents can invest as little as £5 or more than £5,000."
The £4.8m solar farm would be managed by a community interest company wholly owned by the council, and while the scheme has not yet had final approval, it is expected to have an estimated six per cent effective rate of return over 20 years.
Under the plans, the council would invest £3m in the farm, with the remaining £1.8m provided by community investors. Almost two thirds of the profits from the farm would go towards local community initiatives, with the remaining 35 per cent going to the council and other investors.
The scheme would see the bonds provided in partnership with green crowd-funding specialist Abundance Investment, which has mobilised £15m for similar projects in the past three years.
"We have the right partner in Abundance, a compelling case to show benefits to the local community, and local residents who invest should receive a better return than a normal bank saving accounts," said Heenan. "This could be the model all councils use in the future for community investment projects."
The cabinet of the Swindon Borough Council is set to meet on Wednesday 10th February to consider the planning decision.
In related news, Wiltshire-based clean electricity firm Good Energy announced on Friday it has commissioned a new 5MW solar farm near Wareham, Dorset.
The site, dubbed Oaklands Plantation, brings the number of solar farms the company has built and operates to seven. The firm also built and operates two wind farms.
Juliet Davenport OBE, chief executive and founder of Good Energy, said a community fund related to the scheme and "bespoke biodiversity plans" will deliver benefits to local people.
The company has also received planning permission for three additional solar farms with a total capacity of 12MW at sites in South Devon, Dorset and Cornwall.
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