ONE of the 30 pledges of the council’s Vision is to invest in green energy for Swindon, part of a broader policy to have 200MW of renewable energy capacity by 2020.

This is enough to meet the equivalent energy requirements of every home in the borough.

We have already built or have firm plans for a total of 140MW.

As part of this, there is now a unique opportunity for Swindon residents to co-invest with Swindon Borough Council in a local solar farm that will generate a return and funding for community projects over the next 20 years.

Cabinet considered this proposal formally last night and the Scrutiny Committee next Monday will review it before we can implement it.

The Swindon Community Solar Farm project would be the first of its kind in the UK to allow residents to invest directly in Council Solar Bonds, for a minimum stake of just £5.

Sixty-five per cent of the profits from the solar farm would go towards local community initiatives.

The remaining 35 per cent would go to investors and the council.

Subject to final approval by the Cabinet, we expect this bond to have an estimated six per cent effective rate of return over 20 years.

A Community Interest Company, wholly owned by Swindon Borough Council, will manage the solar farm.

It will cost £4.8m to construct, with £3m coming from the council’s investment, and the remaining £1.8m from community investors.

The bonds will be provided in partnership with Abundance Investment, which has successfully raised £15m for 16 different projects across the UK in the past three years.

Abundance Investment is authorised and regulated by the Financial Conduct Authority.

The financial details of the proposed project are being finalised but people can register their interest by visiting www.abundanceinvestment.com/swindon.

The investment offer is expected to be launched formally next month.

The solar farm will be on council-owned land at Common Farm, near Wroughton and has been developed by Public Power Solutions, who put together the blend of public sector and community investment.

The site will be managed to promote biodiversity, with the land around the panels remaining in agricultural use, with sheep grazing for part of the year.

This is a first for Swindon, but it is already a model that is being closely watched elsewhere – it is truly democratic finance in action.

And it means everyone benefits from it – private investors, local community, and local public services.