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Going Green in 2012

PRESS RELEASE

30 December 2011

Going Green in 2012

Directors of Saddleworth Community Hydro are hoping that ‘going green’ will help people live more sustainably in 2012 and beyond. 

Many of us already try to reduce our consumption, re-use or recycle what we own and use charity shops or free cycle to give away things we no longer require.  But what if you want to do a little bit more?

“Why not support a renewable energy project?” suggests Saddleworth resident Bill Edwards.

Saddleworth Community Hydro launched a share offer before Christmas. Directors are hoping to raise £120K to buy a 51kW turbine which will generate 170,000kWh/year electricity, enough to power around 45 homes. Saddleworth would be England’s first ‘high head’ community-owned hydro, using head from the 90ft dam at the Dove Stone reservoir on the edge of the Peak District.

“It’s taken a good few years to get the project this far, and there’s been real interest from all over the country” said Bill.  “It feels really good to say that I own part of a hydro electricity plant that’s producing green electricity, but even better to know that as well as getting a return on my investment, I’ll be helping fund local environmental projects with any surplus monies.”

The minimum investment is £250 and the maximum £20,000 and Directors hope to be able to offer 4% interest from year two.  In addition, shareholders with more than £500 worth of shares can apply for EIS tax relief at 30%.  For example, anyone buying £1000 worth of shares will in fact be spending only £700. Saddleworth Community Hydro is an Industrial and Provident Society and will be run on a one-member, one-vote basis. A prospectus can be downloaded at www.h2ope.co.uk

“So, by going green and investing in a community-owned hydro scheme, you’ll know exactly what your money is being spent on, you can support renewable energy and help reduce CO2 emissions for the next 40 years or more” adds Bill.