Time is running out for anyone keen to invest in the country’s first local-authority backed solar scheme.

The offer to co-invest with Swindon Borough Council in its unique solar farm bonds scheme has met with a record response, meaning time is running out for anyone who wants to put their money into the project.

The bond offer to private investors opened in February and was due to close on the on June 30, but more than 87 per cent of the £1.8 million target has already been raised.

The Swindon Community Solar Farm will generate both a return for individual investors and provide funding for community projects over the next 20 years, and is the first of its kind in the UK to allow residents to invest directly in Council Solar Bonds for a minimum stake of just £5.

Abundance Investments, the company handling the offer on behalf of the council, says the Swindon scheme has seen the most money raised in the shortest time since they launched in 2012.

Construction of the solar farm on land at Common Farm in Wroughton has now begun.

It will cost £4.8m, with £1.8m coming from private investors and the rest from the council.

Bruce Davis, the managing director of Abundance, said: “We’re really pleased with the success of this innovative green energy scheme, which has attracted individual investments from people ranging in age from 18 to 86 and from just £5 to tens of thousands.

“Swindon Borough Council is setting a great example for other local authorities of how to engage the local community in supporting and financing a low-carbon economy.”

Coun Dale Heenan (Con, Covingham and Dorcan), the cabinet member for sustainability, said: "The Swindon Solar Bond is the first council bond offered direct to the general public in over 100 years, and is proving to be a staggeringly successful way to raise money for a renewable project.

"It has sparked real interest across the country in what Swindon is doing.

“Once the target has been met, that is it, and the offer will close. Our partner, Abundance, is doing an excellent job running the community investment scheme on our behalf, and I look forward to seeing what comes next”

Along with the financial benefits, the 5MW solar farm will help Swindon in its aim to install 200MW of renewable capacity by 2020, enough to meet the equivalent energy requirements of every home in the Borough.

A community interest company, wholly owned by Swindon Borough Council, will manage it the solar farm.

The solar bonds remain open for investment at www.abundanceinvestment.com/swindon and are expected to have an estimated 6% effective rate of return during the next 20 years