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Lark Energy is set to construct a 5MW community solar farm using £4.8m of public and private sector funding.
The funding model, developed by Public Power Solutions (PPS), has won approval from Swindon Borough Council, which will invest £3 million. It will raise a further £1.8 million through Council Solar Bonds, structured by investment company Abundance.
Sixty-five per cent of the profits from the solar farm will go towards local community initiatives, with the remaining 35% to investors and Swindon Borough Council.
PPS Commercial Director James Owen said: “We have some other solar projects in the pipeline where we’ll be looking to apply a similar funding model – and we think this could be applicable to many other public sector infrastructure projects.”
Construction of the solar farm on council-owned land is due to begin in the spring. It will generate enough electricity to supply 1200 typical homes and save around 2000 tonnes of carbon dioxide a year.
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