Council-issued solar bonds designed to partially fund a solar farm in Swindon have sold out a month earlier than expected. 

Swindon Community Solar Farm has become the UK's first solar farm to be funded jointly by a borough council and bonds sold directly to members of the public.

The bond offer, structured by investment platform Abundance, opened last February and closed yesterday after reaching its £1.8m target. 

Cllr Dale Heenan, Swindon BC's cabinet member for transport and sustainability, said: ‘We took a bold decision to create this community solar farm by offering the first council bond direct to the general public in more than 100 years.'

He continued: ‘All councils need to find new and innovative ways to fund the vital work that they do for their communities and Swindon now has a template which other local authorities can follow. 

‘Embracing renewables will help Swindon BC raise £1m more in business rates and rent by 2020, which means £1m more every year which can be spent on important local services.'