Highland energy share offer raises £700,000 in only two weeks
In just two weeks, the Highland Community Energy Society (HCES) has raised almost £750,000.
HCES is offering the public the opportunity to buy a community stake, amounting to £1.89 million, in six hydro projects across the Highlands, each in a separate company where the local community at each location will benefit from the profit generated by the projects.
So far the public share offer has raised more than £700,000. However, the first round aims to raise £900,000 to fund the community stakes in the society’s first two hydro sites. HCES needs the money as soon as possible so the community stake may be taken on and the cash used to build the third site.
HCES wants as many people as possible, especially local people, to join – residents living in the Highlands can buy a stake for as little as £100. The minimum stake for others is £250.
This project is supported by Local Energy Scotland and Energy4All Ltd, a leading social enterprise in the UK for establishing community-owned renewable energy schemes. Director Jim Lee said: ‘We have recruited some local directors who will help to get as many local people involved in this share offer.’
HCES’ portfolio of hydroelectric projects, all in the Highlands, is a joint venture with a company called Coille Dhealain, owned by Highland Eco Design employees and based in Perthshire.
HCES will hold 25.1 per cent of the share capital in each project company and dividends from the society’s shareholdings from these will be paid back to HCES. Virtually all of the capital raised will be loaned to the project companies, as the share capital is nominal.
To out more about this project, visit hces.coop