In excess of £700,000 has been injected into the solar bonds by the investors. The local authority used peer-to-peer platform Abundance to raise the money in question, and may now want to use Logo Design from local marketing services to generate further interest in the policy. Swindon Council has already pledged to put a few million pounds of its own into the solar project.
Bruce Davis, the managing director for Abundance, said:
“We’re really pleased with the enthusiastic response we’ve had from local investors, with over 300 people from the Swindon area opening accounts with us so far. It proves there’s a local appetite for investments that offer a benefit for the community as well as a good financial return.”
The President for the Soil Association, Helen Browning, lives in Swindon. She has responded to the solar bond policy with enthusiasm. As a supporter of renewal energy, she has a positive view of the pioneering project. No other local authority within the UK has got ahead of the innovative bond scheme shaped by Swindon Council.
The bonds represent a long-term investment. Investors should get 6% for committing their money, although some will get a bonus for being ‘early birds’. The involvement of the local authority in the project limits the risk to other participants.
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