SWINDON Borough Council is celebrating another green-energy triumph with record investments in its latest solar project.

More than £1.6 million has already been invested in the council’s second solar bond rollout of the year, the first was so successful that is closed a year early.

The first project took three times as long to reach this point and the rate of investment has now reached an average of £66,000 a day compared to £18,000.

The Swindon Green ISA is the UK’s first Innovative Finance ISA - a scheme to allow ordinary people to invest directly in renewable energy in a tax-free way.

The investment will help to fund a new solar facility on the former landfill site at Chapel Farm in Blunsdon.

The scheme is being managed by Abundance, a leading direct investment platform with a focus on environmental projects.

Bruce Davis, founder and co-managing director of Abundance, said: “This proves that ISA could be revolutionary for the way financing local infrastructure works.

“We’re getting interest not only from the green energy enthusiasts but those who see the long term revenues and relatively low volatility of green infrastructure as a sound investment choice for small investors across the political spectrum.

“We were pleased with the performance of the first Swindon bond, but this second one is spectacular.

“It’s not due to close until the end of January, but at this rate it could all be gone by Christmas.”

The new bond has an average annual rate of return of six per cent for a period of 20 years with a minimum investment of just £5.

The council is investing £3 million in the project which is expected to make a contribution from profits towards community initiatives and will help Swindon move closer to its goal to install 200MW of renewable capacity by 2020.

The completion of Chapel Farm, which would have a capacity of 5MW, would take the current total to 167MW – over 80 per cent of the target.

Mr Davis added: “Our investments start from just £5, so anyone can take part – but thanks to the ISA you can invest up to £15,240 in this tax year and it will be tax-free – meaning your money is working even harder, whether you are saving up for something specific or just for a rainy day.

“It’s another chance for you to earn a steady, long term return from generating clean energy.

“It’s also another investment by Swindon Council to secure an income for projects that will benefit residents for years to come.”