Public invests £1m in council energy scheme

More than 500 investors have backed Warrington Borough Council’s scheme to fund a new renewable energy project.

A total of £1m was raised through a community municipal investment (CMI) scheme, which will fund a solar and battery storage project near Cirencester.

The electricity and revenues generated by the solar panels will be used to accelerate other green projects on behalf of Warrington’s community as part of its green energy strategy.

These include reducing fuel poverty and energy self-sufficiency, helping save taxpayers’ money and supporting the council with delivering front-line services.

The CMI structure run by the online investment platform Abundance on the council’s behalf.

The local authority has a net zero target of 2030 and has already reduced its carbon footprint by 50% since 2009.

‘I’m absolutely delighted that our first ever community municipal investment has been such a success, generating a huge amount of interest and attracting hundreds of investors from Warrington and across the country,’ said council leader, Cllr Russ Bowden.

‘Reaching our £1m investment target is a fantastic achievement, particularly in such challenging times. It shows that tackling the climate emergency is something that people really care about.

‘It’s so important that the public is engaged in our carbon neutral ambitions and this project is an important part of that work. Its success bodes really well for our green future.’

Bruce Davis, co-founder and managing director of Abundance Investment, added: ‘Warrington was particularly hard hit by Covid during this investment offer, so the success of its green bond is a testament to the town’s green vision which has inspired investors across the UK. This is clear proof that ordinary people want the recovery from the pandemic to be led by the green economy, and they are prepared to put their money where their mouth is.’

The success of Warrington’s CMI follows hard on the heels of West Berkshire District Council, which also raised £1 million through the UK’s first ever CMI which closed last month. Abundance has a number of other CMIs from other local authorities in the pipeline expected to launch in 2021.

Photo Credit – PublicDomainPictures (Pixabay)