The latest community municipal investment (CMI) opportunity offered on Abundance’s platform completed at the end of last week.
The crowd bonds platform said it has a pipeline of other local councils looking to launch CMIs to fund green energy projects.
Warrington Borough Council raised £1m for its CMI on Abundance last week as part of its target to become the UK’s first carbon neutral town.
The CMI will help fund a multi-million-pound innovative solar and battery storage project near Cirencester.
Investors can receive 1.2 per cent a year in half yearly payments over the CMI’s five-year term, although holdings can be sold on to others at any time free of charge through the Abundance secondary market.
It comes after West Berkshire Council became the first local authority to raise £1m through a CMI on the Abundance platform.
The funds will be used to install rooftop solar power at several council-owned sites in the area.
“CMIs are an innovative new way of making a positive impact on the climate crisis, and a powerful tool to allow councils all over the UK to accelerate their green energy plans,” Abundance said.
“We launched our first CMI in July 2020, and already more than 750 investors have invested more than £1.75m with two councils.
“We don’t currently have any open CMIs, however we are working with councils all over the UK and expect to launch a number of new investments over the coming months.”