Warrington Borough Council's CMI aims to raise £1m, making it the second local authority to launch a green bond via ethical investment platform Abundance
Warrington Borough Council is launching a green investment scheme that will enable local residents to help fund a new solar farm, as part of its ambitious Green Energy Strategy to reach net zero emissions by 2030.
The council aims to raise £1m through Community Municipal Investment rounds, it announced today, with the local authority issuing CMI bonds directly to the public via internet-based green investment platform Abundance.
The CMI will help fund a multi-million pound solar and battery-storage project, the council said, pledging to reinvest revenue to accelerate other green projects. It will pay investors 1.2 per cent a year in half yearly payments over its five-year term, with a minimum investment of just £5.
Warrington Borough Council Leader, Cllr Russ Bowden, said the CMI will be a "really innovative way" of engaging people.
"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," he added.
Published in September last year, Warrington Council's Green Energy Strategy committed the council to reaching net zero emissions in just 11 years, detailing plans to install energy efficient LEDs into streetlights, electrify the bus network, install solar PV at local housing trusts, and develop solar farms to generate green energy.
The bond makes Warrington the second local authority to launch a green bond via Abundance, following the successful launch of West Berkshire's CMI in July which is now more than 50 per cent subscribed by over 400 investors, according to the ethical investment platform. A third CMI, from Leeds City Council, is also in the pipeline.
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