Warrington Borough Council could become the latest local authority to offer a community municipal bond (CMB) through crowd bonds platform Abundance Investments.
A meeting is being held on 27 May for the council’s cabinet to consider proposals for a solar farm in Cirencester.
The power generated from the solar farm will be used to meet the council’s energy needs, with any surplus energy generated sold.
If approved, it would see the council issuing a CMB to fund up to £10m of the Cirencester project, administered by Abundance.
The bond would be issued to residents and investors from across the country to receive a percentage return on their capital for the investment. The minimum investment would be £5.
“We have recently seen much emphasis being put on the need for climate-friendly stimulus policies to reboot economies in the wake of the coronavirus crisis,” Russ Bowden, Warrington Borough Council leader, said.
“We remain committed to delivering a carbon neutral future, while doing all we can to protect our vital services now and in the future.
“The proposed CMB scheme would allow people to invest directly with us to help build a greener and more prosperous future for the borough.
“As such, it would give residents and community groups a fantastic opportunity to make a sound, social investment, while supporting our work to address the climate change emergency we all face.”
West Berkshire Council was the first to confirm plans to issue a CMB through Abundance this week and others are believed to be considering this fundraising channel.