West Berkshire and Warrington Councils were the first pilot councils to launch municipal investments with us in 2020. They were the first to test the research findings of the Financing for Society project at the University of Leeds, led by Professor Mark Davis and funded by DCMS, which explored how municipal investing could be reintroduced using digital platforms.
They both launched investments in 2020, and today marks an important milestone as Warrington makes its final payment to investors. This means that both investments are fully repaid, with all interest payments made on time.
The councils have also fully spent the money raised on real projects. Warrington used the money raised to help fund the construction of a solar farm in Cirencester, to generate green power to offset the emissions generated in the borough. West Berkshire funded a range of green initiatives, including LED lighting, habitat restoration and solar power. Read more here.
West Berkshire and Warrington were with us at the start of our municipal investment journey. The work we did together laid the groundwork for what has followed, and they helped kickstart the relaunch of municipal lending for the digital age. The fact that the investments have delivered - on financial returns and delivering projects - reinforces what we already knew: that councils offer a powerful way to get people’s money working for good at the local level.
Karl Harder, Co-founder and Joint Managing Director, Abundance