A £20 million mini-bond portfolio has been launched which gives people the chance to earn six per cent interest rates by investing in two new Warwickshire solar farms.
The initiative has been launched by community benefit energy company Big60Million and includes an £8.6 million offer for Atherstone Solar Farm and a £6 million offer for the Southam Solar Farm.
A third £6 million offer for a solar farm in Kent completes the portfolio.
All three are connected to the National Grid and began generating electricity in March.
Big60Million says the solar farms will make a positive impact on their communities, delivering financial, environmental and social benefits to local people, and the mini-bond launch is part of a campaign to build support for solar power.
The mini-bonds are priced at £60 each and Big60Million is prioritising local people by reserving ten per cent of the bonds for six weeks for people within ten miles of each farm – more than 110,000 households and businesses at Atherstone and more than 58,000 at Southam.
Big60Million says if the local population takes up its full allocation the investment will generate £250,000 for Atherstone locals and £180,000 for Leamington investors over a five-year period.
Toddington Harper, chief executive of Big60Million, said: “We want to put power in the hands of the people and help them make money and build a better world for their families by investing in the future.
“Spiralling energy bills, climate change, and loss of wildlife are global problems that affect everyone but these Big60Million solar projects give ordinary people and local businesses the chance to make a lasting difference to their community.”
Big60Million’s first solar bond offer in August 2014 raised £4 million and was 20 per cent oversubscribed.