thumbnail of Islington Greener Futures 2027

Islington Greener Futures 2027

Interest rate 1.55% a year
Term 5 years
Total Invested £1m
655  investors
Maturity date 31 Jan 2027
thumbnail of Islington Greener Futures 2027

About Islington Council

Islington Council was the first London borough to raise money on Abundance to help deliver its vision of reaching net zero carbon by 2030. The money raised helped the council fund projects to cut its own carbon impact, as well as helping everyone in their community make greener choices through initiatives in schools and council owned accommodation.

How did the council use the money raised?

The money raised from this investment has been allocated by the council to fund a number of initiatives from its net zero plan, including:

  • The council’s ongoing efforts to improve air quality through the School Streets programme
  • Working towards zero carbon recycling and waste collection by using electric vehicles
  • Electric vehicle charging points to encourage residents to switch to electric vehicles
  • Improved local recycling facilities for blocks of flats to encourage recycling
  • Installation of LED lighting and solar panels on public buildings to reduce carbon and the cost of electricity
Islington Council is taking action to make its streets greener and cleaner
Islington Council is taking action to make its streets greener and cleaner

Key terms

BorrowerIslington Council
Use of funds

Support community initiatives in the borough of Islington including public electric vehicle charging facilities, improved recycling facilities, and the ongoing rollout of the School Streets greening programme to cut air pollution

Interest rate1.55% a yearThis is the interest rate paid by the Local Authority to lenders and does not include the cost of fees paid to Abundance in its role as Arranger and Agent.
Term period5 years after end of 'Initial interest period'
Maturity date31 January 2027
Capital repaymentLump sum on maturity
Offer open date29 October 2021
Offer close date29 January 2022
Minimum borrowing amount£5.00
Maximum borrowing amount£1,000,000.00
Initial interest periodThis will start on the date the lender makes their investment and ends on 31 January 2022.
Interest periodsFrom 1 February to 31 July and 1 August to 31 January each year, starting from 1 Febuary 2022.
Return structureInterest is paid every 6 months with the capital repaid as a lump sum on the maturity date.
Arrangement fee0.20% of total amount raisedThis is the fee paid to Abundance in its role as Arranger. The interest rate above is quoted after fees.
Management fee0.05% of total amount raised per yearThis is the fee paid to Abundance in its role as Agent. The interest rate above is quoted after fees.
Early repayment optionsThe local authority can repay early on any payment date. An early repayment fee equal to 12 months’ Interest will apply.

Documents

Loan Conditions
Download PDF Together with the key terms, the loan conditions form the legal agreement that define the terms of the investment.

Payment schedule

This table gives a breakdown of what is due to be paid back on this investment, based on an example investment of £1,000.

Payment schedule table
Payment date Capital repayment Interest Total
1 August 2022 £0.00 £7.68 £7.68
31 January 2023 £0.00 £7.81 £7.81
31 July 2023 £0.00 £7.68 £7.68
31 January 2024 £0.00 £7.81 £7.81
31 July 2024 £0.00 £7.72 £7.72
31 January 2025 £0.00 £7.81 £7.81
31 July 2025 £0.00 £7.68 £7.68
2 February 2026 £0.00 £7.81 £7.81
31 July 2026 £0.00 £7.68 £7.68
1 February 2027 £1,000.00 £7.81 £1,007.81
Total £1,000.00 £80.07 £1,080.07

Updates

These updates tell the story of the investment over its life and include information reported to investors by the company or council behind the investment. The updates are provided for informational purposes only and do not constitute an inducement or invitation to invest. Information provided at the time of publishing may no longer be accurate.

Please read the full update here

An investment return from Islington Greener Futures 2027 was paid today.

Please read the full update here

An investment return from Islington Greener Futures 2027 was paid today.

Please read the full update here

An investment return from Islington Greener Futures 2027 was paid today.

Please read the full update here

An investment return from Islington Greener Futures 2027 was paid today.

This first payment covers the interest earned in the initial period from the date an investor placed their investment to 31 January 2022. Future interest payments from this investment will be every 6 months.

This investment closed today.

Please read the full update here

Islington Greener Futures 2027 has reached 50% of its £1 million target. As the minimum target has been reached, the investment does not need to reach its maximum target to go ahead.

Islington Greener Futures 2027 opened for investment today.