Water Power Enterprises (h2oPE) secured £200,000 of pre-development capital over the last few months
Monday 2 April 2012
Saddleworth Hydro - The Final Countdown
It’s only 14 days ‘til the Saddleworth Hydro share offer closes and Directors have organised a Final Countdown event on Monday 9 April.
The event takes place at Dovestone Sailing Club, at Dove Stone Reservoir from 11am – 4pm.
“It’s a great chance for people to come along and find out what the community hydro is all about” said Saddleworth Hydro founding Director, Bill Edwards.
“We just want to let everyone know how passionate we are about the idea of generating our own electricity here in Saddleworth. It’s such a simple idea and I’m convinced that the people of Oldham and Saddleworth will support a project that will benefit the environment and fund local community projects for years to come. We’ve had more than 500 people ask for a prospectus, now all we need is for them to fill in their application forms and send in their cheques.”
Saddleworth Hydro has joined forces with Dovestone Sailing Club and the RSPB to make the event on Easter Monday a bit more special.
“We’re hoping that, as well as joining us for a cup of tea, families will be encouraged to take a walk, visit the sailing club and join in some of the RSPB’s activities too” adds Bill.
The RSPB works with landlord United Utilities to help people make the most of the natural landscape and enjoy the wildlife and has a permanent presence at the Dove Stone Reservoir.
Local RSPB coordinator Dave O’Hara said: “I’m a real supporter of the hydro scheme. I think it’ll prove a real attraction and anything that gets people out into the countryside and closer to nature gets my vote”.
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.
Directors have a target 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.
Saddleworth Hydro Community Hydro Ltd offers individuals, local businesses and social investors the chance to become members of a high head hydro electricity scheme. A prospectus can be downloaded at www.h2ope.co.uk
Shares cost £1 with a minimum investment of £250 and a maximum of £20K. Surplus monies will be used to fund local environmental and educational projects.
For further information about Saddleworth Hydro contact Tony Bywater on 01457 875423 or email firstname.lastname@example.org.
We’re working closely with Saddleworth Community Hydro, the Industrial Provident Society which have an in principle agreement to proceed with the landowner.