The first-ever council-run solar bond in the UK has officially been launched.

Swindon Borough Council and the public will co-invest £4.8 million to build a 5MW community solar farm.

People can invest as little as £5 in the project and expect a 6% return which will be paid twice every year, the council said.

It is part of its plans to install 200MW of renewable energy by 2020 – enough to meet the power needs of all homes in the area.

A total of 140MW is currently under construction or being planned.

The council, which will own the solar farm, has partnered with investment platform Abundance for the initiative.

Councillor Dale Heenan, Swindon Borough Council Cabinet Member for Transport and Sustainability said: “Swindon’s Solar Bonds provide an opportunity for people invest as little as £5 or more than £5,000 and enjoy better returns than their bank provides as they invest for their children’s future, their own retirement or just a rainy day.”