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Council’s bright idea to boost income

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An innovative solar farm deal by Warrington Borough Council is set to generate millions in vital funds for the authority.

The council has teamed up with and Newham and Thurrock Councils to purchase bonds in Swindon Solar Park.

The environmentally-friendly deal – agreed with owners Rockfire Capital – makes Warrington, Newham and Thurrock among the first councils in the UK to invest in ‘clean tech’ bonds.

It forms part of Warrington’s ‘invest to save’ programme, finding innovative ways to generate income in the tough economic climate. The deal is expected to deliver £500,000 in returns every year for Warrington Council, which can be ploughed back into council services.

It will also see Warrington taking a leading role among local authorities in investing in technology which protects the environment.

The council’s executive board member for corporate finance, Cllr Russ Bowden, said: “In such difficult times for local authorities, it’s more important than ever that we find new ways of generating income. That means taking a more creative, commercial approach in our day-to-day business.

“I’m really proud of how we are doing things differently in Warrington and this deal is a great example of that. This investment in renewable energy gives us the opportunity to give our own finances a real boost. It’s an innovative way of bringing in vital funds which we can use to protect essential council services.”

Rockfire Capital is a specialist investment management company which has acquired Swindon Solar Park, one of the UK’s largest operational solar PV projects.

Developed by British Solar Renewables, the park has been built on a former RAF airfield now owned by the Science Museum Group, around 6km south of Swindon.

The 172-acre site comprises 231,660 solar panels and has a capacity of 60.9 MW, making the project one of the largest solar assets in the UK. It will generate close to 60 GWh of electricity per annum, enough to supply over 15,400 homes, and save around 35 tonnes of carbon dioxide a year.

Swindon Solar Park has also been constructed to provide additional environmental benefits, including enhancements to habitat and biodiversity for wildlife at the site. Native plants will colonise and thrive, bringing with them many other animals to become a buzzing, colourful haven for a number of under-threat species.

Liam Kavanagh, Rockfire Founder and CEO said: “We have long been advocates of renewable energy and offer a range of ways for both institutions and individuals to invest in the sector.

“Renewable energy assets not only offer investors attractive and reliable yields, but are also a way for them to invest in something which positively impacts the environment.”

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