COUNCIL chiefs have approved plans that will give the public to invest with the council to develop a solar farm.

The Labour-run authority’s cabinet backed the green project at its virtual meeting on Wednesday, with members giving the go-ahead to a new community municipal bond (CMB).

The council says it will allow people to invest as little as £5 to support an important project for Warrington’s future and receive a long-term, low-risk return.

The plans for the solar farm in Cirencester have been in development since 2018, as part of the council’s ongoing work to deliver its green energy strategy and meet the aims of its climate emergency declaration.

The CMB is a bond issued by a local authority directly to the public via an internet-based crowdfunding platform.

It will be administered by Abundance, who are a separate FCA registered company, on behalf of the council.

The plans form part of a nationwide pilot exploring using CMBs to fund infrastructure for local authorities and would see the council issuing a CMB to fund up to £10 million of the project.

The bond would be issued to residents and investors from across the country to receive a percentage return on their capital for the investment.

Council leader Cllr Russ Bowden said: “As a council, we want to inspire, drive and support our communities to address the challenges of the climate emergency, working in partnership to achieve real change. The CMB will support this work.

“It will give the public the opportunity to make a sound, social investment, while playing their part in protecting vital services and helping create a cleaner, greener future for our borough.”

Abundance is an FCA regulated investment platform founded in 2012 with a mission to help turn members of the public into real stakeholders in things they care about.

Co-founder and managing director Bruce Davis said: “We are very pleased that Warrington’s cabinet has approved plans for the town’s first CMB, allowing its residents to play an important role in helping fulfil its green energy strategy with another innovative solar farm investment.

“Mobilising our money in this way is the most effective way to kick-start the UK’s recovery from the impact of Covid-19 and ensure it is both green and fair.”

For more information visit abundanceinvestment.com/warrington