A PIONEERING green ISA launched in Swindon last week has attracted a staggering £700,000 of investment in its first four days.

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 latest launch follows on from the success of the UK’s first council solar bond which sold out a month early.

The green ISA will also be directed towards solar bond investment, it will help to fund a new solar facility on the former landfill site at Chapel Farm in Blunsdon.

Coun Dale Heenan, the cabinet member for transport and sustainability, said: “I am proud that Swindon is the home of the UK’s first green energy ISA, following our very successful solar bond earlier this year.

“With interest rates still at rock bottom levels, the Abundance Innovative Finance ISA is a great way for people to invest in renewable energy tax-free.

“This project marries the economic benefits of renewables with finding an innovative way for local residents to receive a healthy return on investing, it delivers a tangible financial benefit to local public services, and Swindon borough council is even using part of its profits to build a much-needed sound barrier along the A419 dual carriageway. This is a hugely positive scheme.”

The bond offers an average annual rate of return of some six per cent for a period of 20 years and with a minimum investment of just £5 it is widely accessible.

The scheme has attracted national praise, government minister Sajid Javid has called it an “excellent example of a local council working with the private sector to provide local people with a means of investing in their local community and its infrastructure.”