thumbnail of Warrington 2025

Warrington 2025

Interest rate 1.2% a year
Term 5 years
Total Invested £1m
504  investors
Maturity date 15 Nov 2025
thumbnail of Warrington 2025

About Warrington Borough Council

Warrington Borough Council is the statutory corporation and unitary local authority for the governance and provision of local government services to Warrington. Warrington is located between Manchester and Liverpool in the North West of England covering an area of around 70 square miles.

The council has an ambitious target to become the UK’s first carbon neutral town, and has a strong track record as one of the leading councils in the UK for taking climate action. Warrington launched its Climate Change Strategy back in 2007 — a whole year before the UK’s National Strategy was launched — and declared a Climate Emergency in 2019.

How did the council use the money raised?

The money raised from this investment helped fund an innovative new 20MW ground mounted solar farm, with integrated 40MW battery storage at a site in Cirencester, Gloucestershire which started operations in 2021.

This formed part of Warrington’s portfolio of energy investments — both in its area and around the UK. The aim of its investment strategy is to both generate green energy to tackle the climate crisis, and generate an income for the council to fund core services.

Warrington Council wants all the electricity used in the borough to be renewable
Warrington Council wants all the electricity used in the borough to be renewable

Key terms

BorrowerWarrington Borough Council
Use of funds

Help fund the development of a 20MW ground mounted solar system with the addition of 40MW of battery storage located in Cirencester.

Interest rate1.20% 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 date15 November 2025
Capital repaymentRegular instalments
Offer open date25 August 2020
Offer close date12 November 2020
Minimum borrowing amount£50,000.00
Maximum borrowing amount£1,000,000.00
Initial interest periodThis will start on the date the lender makes their investment and ends on 15 November 2020.
Interest periodsFrom 16 November to 15 May and 16 May to 15 November each year, starting from 16 November 2020.
Return structure10 semi-annual returns of Interest and Capital on the last day of each Interest Period with the last one, on the Maturity Date.
Early repayment optionsThe local authority can repay early on any payment date. An early repayment fee equal to 1 months’ Interest will apply.

Documents

Debenture Deed
Download PDF The debenture deed sets out the legal agreement and terms for this 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
17 May 2021 £97.33 £5.95 £103.28
15 November 2021 £97.91 £5.46 £103.37
16 May 2022 £98.50 £4.78 £103.28
15 November 2022 £99.09 £4.27 £103.36
15 May 2023 £99.69 £3.61 £103.30
15 November 2023 £100.28 £3.06 £103.34
15 May 2024 £100.89 £2.43 £103.32
15 November 2024 £101.49 £1.85 £103.34
15 May 2025 £102.10 £1.21 £103.31
17 November 2025 £102.72 £0.62 £103.34
Total £1,000.00 £34.53 £1,034.53

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.

The Cirencester Solar farm is fully operational and performing well.

The Cirencester Solar farm is fully operational and performing well.

The Cirencester Solar farm is fully operational and performing well.

Cirencester solar farm became fully operational in September 2022 at which time the council took ownership. The solar farm is the first of its kind currently operational across Europe.

An investment return from Warrington 2025 was paid today.

We are pleased to say the construction of the 23MW solar farm in Cirencester is now completed. The grid connection infrastructure has also been completed.

The solar farm is currently going through an energising, comprehensive testing and commissioning process before it is handed over from the installation company and enters full operations, currently expected around mid-June 2022. Please see below for some pictures of our completed solar farm:

Solar farm in Cirencester
Solar farm in Cirencester

The contractors installing our 23MW solar farm in Cirencester have been on site since April this year and construction is ahead of schedule with over 80% of the structure and solar panels in place. Testing and commissioning of the new solar farm will begin within a few weeks and we are still on target to be completed and fully operational by Spring 2022.

An investment return from Warrington 2025 was paid today.

An investment return from Warrington 2025 was paid today.

Since we successfully raised our £1 million target for our first Community Municipal Investment on Abundance in November 2020, we have been working towards the start of construction on the solar farm we are developing in Cirencester, and which your investment is helping to fund. The hybrid solar farm will be 23MW in size and includes 46MW of battery storage on site.

In April 2021 we reached financial close on the solar farm, which means all contracts are complete and the funding is in place to start construction. Our contractors started on site on 4 May 2021 and we hope to have the solar farm completed around March 2022. The civil engineering and site preparation work is currently underway, including the site access road, internal access roads and site drainage and groundworks. From a procurement perspective, orders have been placed for the solar panels, energy storage system, solar tracker system along with the main sub-contracts for the works.

With work now underway, we look forward to providing you with further updates and hopefully some photos of the solar farm as it starts to take shape over the coming months.

Warrington 2025 opened for investment today.

This first payment covers the interest earned in the initial period from the date an investor placed their investment (or the date the minimum target was reached, 26 August, whichever was later) to 15 November 2020. Future interest payments from this investment will be every 6 months.

This investment closed today.

Please read the full update here

Warrington 2025 opened for investment today.