Southampton takes the lead on green bond
0Southampton Council is to lead up to ten other local authorities in a local government bond issue to fund green investments.
The potential £100m issue is likely to involve Dudley, Plymouth, Eastleigh, Portsmouth and others, with Southampton hoping for £15m to pipe heat from a waste incinerator through the City.
Leader of Southampton Council Richard Williams told the Southampton Echo that he hoped the issue would be match funded with European Union regional development cash.
Finance director at Eastleigh, Nick Tustian said that the plans were in the early stages. “This is very much a partnership with Southampton, who are leading and we’re happy to be part of what they are doing,” he said. “We’ve been talking with them for a number of years on joined-up schemes and this is one of the avenues we’re exploring.”
Councillor Tracy Wood, cabinet member for environment and culture at Dudley said: “We are in the very early stages of considering bonds for green energy projects, as part of a scheme led by Southampton City Council. We are exploring the benefits of the scheme, but no decisions have been made.” The bond could be issued in the wholesale or retail market, said Councillor Williams, with councils needing to seek new ways of finding finance. He is also hoping for the council to become an energy trader. A business case is to be put together over the next year.
