Almost £700,000 has been raised over the opening weekend of a new solar bond offer from Swindon Borough Council, which is utilising the UK’s first green energy ISA to attract investment for the construction of the council’s second locally funded solar farm. The offer, which includes access to an Innovative Finance ISA (IFISA), was launched by Abundance Investment working alongside the local authority on 11 November and has attracted £685,179 in just a few days. Around two thirds of this (£450,000) is being held in the IFISA, which allows community members to invest directly into the 5MW solar farm, tax-free. The IFISA has been made possible following a government announcement that from 1 November, the savings account can include peer-to-peer investments such as debentures, allowing individuals to invest directly into businesses and projects.
Swindon Solar Bonds
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