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Cash floods in for hydro plant
The first community-funded hydro-electricity plant in Yorkshire has attracted £25,000 of investment since its share offer was launched – in spite of the current economic climate.
It still needs to confirm permission will be granted, but Settle Hydro Ltd, wants to install a 50kW hydro-power plant at Bridge End Weir in Settle.
The plant, which will use a modernised version of a 2,000 year-old Greek invention – the Archimedean screw – to generate electricity, would produce enough power for 50 homes.
Since the share offer was launched last month, it has raised a quarter of the 100,000 target from the community towards the 300,000 scheme.
Ann Harding, one of the directors of Settle Hydro Ltd, said that the current economic climate had not hampered investor confidence in the scheme.
She said: "I think people are looking for something more moral to do with their money.
"They know they will not get as much back from us as other people have promised but what they will get is a modest return on their investment – plus their money will be doing something good and it is really safe.
"Perhaps we are offering an alternative that people have not considered before. The response has been tremendous. People understand that, in time, they can expect a modest dividend on their investment and that as a voting member, they will have a say in how any surplus monies are spent in their local area."
The original idea for a hydro in Settle came from Water Power Enterprises (H2oPE) a social enterprise based in Grassington.
Operations director for Water Power Enterprises Helen Walker said: "We're really pleased that so many people seem to share our goals of addressing climate change by producing renewable electricity and putting something back into the local community. We gave careful thought to setting up Settle Hydro Ltd as an industrial and provident society for the benefit of the community and we have received significant support from the Co-operative Group to do this.
"The new community-led society will be run on a one-member one-vote principle and are delighted that people understand the principals of social investment. So many of the challenges faced by local communities could benefit from a co-operative solution."
Shares in Settle Hydro cost 1 each, with a minimum shareholding of 250 shares. The plant would be community-owned and surplus monies from the sale of hydro electricity would fund local environmental and community projects. Investor Ann Ambrose said: "I'm supportive of the scheme because I believe it is extremely important for communities to become less dependent on fossil fuels for power. We need to reconnect to the realities of where our electricity comes from and begin to take local responsibility for producing the electricity we use.
"Having a small-scale hydro-power scheme in Settle would be a step in the right direction and of benefit to the local community as well as the planet. We would produce clean, renewable energy and members would be in control of the profits and able to choose to donate some of these to local groups or causes." Water Power Enterprises has already been promised 75,000 from Yorkshire Forward and 50,000 from Future Energy Yorkshire for Settle Hydro.
The social enterprise was responsible for Britain's first community-funded hydro in New Mills, High Peak, and has received a 48,000 grant from The Co-operative Fund to help set up three such industrial and provident societies for the benefit of the community, including the Settle Hydro project.
The Co-operative Bank is also looking to provide funding to the Settle project. A prospectus can be downloaded from.greensettle.org.uk/hydro The closing date for buying shares is December 15.
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Weather for Yorkshire
Saturday 26 May 2012
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Temperature: 9 C to 21 C
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