Warrington Borough Council is about to launch a green investment scheme, giving people the opportunity to invest directly in the Council to help fund a new solar farm.
The Council will open its first Community Municipal Investment (CMI) on 25 August, which seeks to raise up to £1 million to help fund the development of a new solar farm in Circencester.
These solar farm plans have been in development since 2018, as part of the council’s ongoing work to deliver its Green Energy Strategy and meet the aims of its climate emergency declaration. The CMI is giving the public the chance to be part of the project.
The power generated from the solar farm will be used to meet the council’s energy needs, with any surplus energy generated sold. In this way, it will support the council’s aims of:
- tackling the climate emergency and becoming carbon neutral by 2030
- generating an income for the council to help protect essential services
- engendering collaborative working with residents on the green agenda
A CMI is a bond issued by a local authority directly to the public via an internet-based crowdfunding platform. By investing as little as £5, investors will be able to support an important project for Warrington’s future and receive a long term, low risk return. The bond will be issued to local residents and investors from across the country to receive a percentage return on their capital for the investment.
The scheme is being administered by Abundance, who are a separate FCA registered company, on behalf of the Council.
Warrington Borough Council Leader, Cllr Russ Bowden, said: “The Community Municipal Investment is a really innovative way of engaging people in the work we are doing. It’s about engendering partnership working, building trust with communities and empowering them to play a part in creating a greener and more prosperous future.”
Abundance Investment joint Managing Director, Bruce Davis, said: “Warrington is already showing other councils the way with a really innovative climate change strategy. Abundance is excited to be working with them to launch their first community municipal investment which will allow local people to invest from as little as £5 and put their money to work for them and to help achieve Warrington’s green ambitions.”
Warrington’s Green Energy Strategy, published last year, covers a large part of the work required to meet these pledges, setting out our ambitions to:
– Reduce fuel poverty in Warrington
– Reduce greenhouse gas emissions in our borough
– Achieve security of energy supply, largely by owning and controlling the generating assets to achieve energy self-sufficiency
– Promote economic regeneration, including creating jobs and growth
– Make Warrington a centre of excellence in the green agenda
– Deliver a more sustainable Warrington
The Council has been proactive in pursuing a number of initiatives in the energy sector in recent years. including the installation of solar photovoltaic (PV) on 3,000 Golden Gates properties, delivering large scale solar roof schemes on the OMEGA development site, developing investments in solar bonds that other councils have invested in, and acquiring solar farms in York and Hull.
Visit abundanceinvestment.com/warrington for more information on Warrington’s Community Municipal Investment.