Water Power Enterprises (h2oPE) secured £200,000 of pre-development capital over the last few months
Tuesday 28 February 2012
Saddleworth Hydro Open Day success
Directors of Saddleworth Community Hydro were delighted with the turn out for their Open Day on Saturday 25 February at Dove Stone Sailing Club.
Founding Director Bill Edwards said:
“We had about 150 people pop in to the sailing club throughout the day to find out more about the hydro scheme and were delighted to hear that the Dove Stone Sailing Club is going to buy shares.
“Over 400 prospectuses have been downloaded or sent out, so if everyone who’s expressed an interest in the project actually buys shares, we’ve every chance of reaching our target of £120,000K.”
Debbie Abrahams MP for Oldham East and Saddleworth was fulsome in her praise for the project:
“I think it’s a great project and the support is out there. I’m sure that this project will happen and that very soon we’ll be generating our own electricity here at the Dove Stone reservoir.
“Today’s open day was really well attended and the organisers did a great job of illustrating how England’s first ‘high-head’ community-owned hydro scheme will generate sustainable energy. This just shows what can be achieved by communities working together.
“I will give all the support I can to ensure the project’s success.”
Saddleworth will be England’s first ‘high head’ community-owned hydro, using head from the 90ft dam at the Dove Stone reservoir. A 51kW turbine will be installed generating 170,000kWh/year electricity, enough to power 45 homes. In addition to a grant by Defra and the European Agricultural fund for Rural Development, the recently launched share offer for £120K will cover the outstanding cost of the project. So far, just over £30K has been raised.
Directors have set a target rate of 4% interest on shareholdings from year two. There’s a minimum shareholding of £250 and a maximum of £20,000. EIS (Enterprise Investment Scheme) status has been granted, so 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. Individuals hoping to be eligible for EIS tax relief must invest a minimum of £500 and keep the shares within the company for a minimum of 3 years.
A prospectus can be downloaded at www.h2ope.co.uk
We’re working closely with Saddleworth Community Hydro, the Industrial Provident Society which have an in principle agreement to proceed with the landowner.