Shareholders to switch on to new offer
A £1.5 million community hydro scheme at Dalavich launches its second share offer next month.
Originally 90 people joined the scheme, investing around £200,000 in the hydro before it started generating electricity on January 31 on the River Avich.
The scheme now hopes its first post-construction re-financing share offer will bring in hundreds of thousands of pounds so that more of its debt is in the form of shares rather than having to pay back banks, which would be more expensive.
Saturday September 1 is the date for the next share launch.
Awesome Energy (Dalriada) Ltd was set up as a community benefit business by villagers to provide renewable energy for the nation but also as a way of generating income for village projects. The project is expected to make £2 million in the next 20 years, partnering up with Braevallich Hydro to share its grid connection.
Dry weather temporarily stopped the hydro generating on May 26 but it started again on July 29 after heavy rainfall.
Project manager Carol Thomas said: ‘The weather’s not been helping us but we’re back to it now. Good reasons for people buying shares is that it supports our community and supports green energy. It doesn’t use electricity to generate electricity where most of the other green energy forms do.’
Awesome Energy is also celebrating securing a new contract for selling its electricity with an 11 per cent increase on its export income for 2019.
‘We are doing good. The board continues to work hard to maximise our income, so we can deliver real benefit to investors and the community,’ added Ms Thomas.
Awesome Energy’s shares have a nominal value of £1 and will be sold in batches of £25.
To register an interest, go to awesome-energy.com.
Any groups wanting to have a tour of the hydro can also get in touch by emailing info@awesome-energy.com.
Those who have already been on tour include an antiquarians group from Mid Argyll, the church minister and current shareholders.