Launch of LEG Power’s £2 Million Share Offer to Fund Community Owned Hydro Scheme is Imminent
LEG Power Lochaber (LEG Power) will launch a £2 million Community Share Offer to construct a community owned micro hydro (544kW) scheme in Summer 2021. Members of the public will be invited to apply for shares in LEG Power and can expect to receive a return on their investment through member share interest.
The Abhainn Greadhain hydro scheme in Glenachulish is being led by Lochaber Environmental Group (LEG) which is a charity that has been serving the whole of Lochaber for 20+ years. The profits from the scheme will be used to fund environmental projects in Lochaber.
LEG took over the scheme in 2019 after being approached by Local Energy Scotland (LES) with a view to offer the scheme for community ownership. LES offered grant support and a loan which enabled LEG to review the feasibility of the Scheme, pay for the package of permissions and complete the development tasks, including raising the necessary finance. LEG then established LEG Power Lochaber, a community benefit society, with the purpose to develop and own the hydro scheme. LEG Power Lochaber is registered with the Financial Conduct Authority as a community benefit society, registration no. 8053. The funds raised from the public share offer will be used to construct the hydro scheme.
This exciting opportunity gives the residents of Lochaber and other supporters of renewable energy schemes a chance to get involved by becoming a member of LEG Power. Community shares are a practical way of supporting this local environmental charity that serves the Lochaber community through sustainable food, active travel and energy-efficiency projects. The scheme will be 100% owned by LEG Power.
LEG Power will be working in partnership with Energy4All Limited, based in Cumbria, to manage the administration of this share offer. Energy4All is a non-profit distributing social enterprise that promotes and facilitates community ownership of renewable energy in the UK. To date, Energy4All has promoted thirty co-operatively owned projects and raised over £88 million for community renewable energy projects.
The site for the scheme is located on land owned by Forestry and Land Scotland on the Abhainn Greadhain river at Glenachulish in Lochaber. The environmental impact will be minimal due to a number of existing access tracks for construction vehicles and trees felled will be replaced. To register your interest in receiving a copy of the share offer document when the offer launches please visit www.legpower.coop/register. Further details about the project can also be found on our website.