The Oban Times - - News -

A NEW com­mu­nity- owned hy­dro scheme on the River Avich launched its share of­fer on Satur­day to raise £400,000 of the £1.2 mil­lion needed to build the project.

Awe­some En­ergy (Dal­ri­ada) Ltd, a com­mu­nity- owned en­ergy so­ci­ety based at Dalavich Post Of­fice ex­ists ‘to build a 350kW run- of-river hy­dro scheme, in­stall a mi­cro­grid fed by the hy­dro and man­age the sup­ply and de­mand of the re­new­able scheme for the ben­e­fit of the com­mu­nity’.

The share of­fer ex­plained: ‘We are now ready for in­vestors to buy shares to make the hy­dro a re­al­ity. The project will only go ahead if we raise at least £400,000 from this share of­fer. You can buy any mul­ti­ple of £25 shares from £250 to £100,000. Pro­jected green en­ergy gen­er­a­tion is 1,149 MWh per year, pro­duc­ing av­er­age net prof­its of £ 85,000 per year for 20 years.

These prof­its will be gifted to our lo­cal char­ity. Their tar­get in­ter­est rate is four per cent per year, paid from our sec­ond year, but if there is an un­ex­pected prob­lem, di­rec­tors will have the dis­cre­tion to pay a lower amount.

‘The pipeline will fol­low the route of an his­tor­i­cal hy­dro scheme on the River Avich and the new tur­bine house will be sit­u­ated close to the ruins of the old one. We hope to start con­struc­tion in April 2017 and to start gen­er­at­ing elec­tric­ity in Novem­ber 2017.’

Mem­bers are also in­vited to join the board. For more in­for­ma­tion visit www. awe­some- en­ergy.com

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