This Friday, 3rd October, Sunart, in the Ardnamurchan peninsula, will see the Community Share Offer for the Sunart Hydro Scheme launched by Dave Thompson, MSP for Skye, Lochaber and Badenochand Dave Hollings from Co-operative & Mutual Solutions. [Details of the form of share capital unique to co-operatives and community benefit societies represented by community shares is to be found online.]
The launch, planned as an evening of celebration, will be held at Strontian and led by the award winning ceilidh band, Trail West, entertaining those who have made the trail west to be part of this landmark in community sustainability in Lochaber.
Sunart has 176 households, in the settlements of Strontian, Scotstown, Polloch, Resipole, Ardnastaing, and Anaheilt.
Sunart Community Renewables is the Community Benefit Society behind the plan to harness an untapped power source flowing right through the community, by building a 100kw hydro scheme in Strontian. Planning and other consents have been granted and construction is due to start early in 2015.
The Society is launching its community share offer with the aim of raising as much of the required £850,000 set-up costs as possible from private individuals and organisations.
Shares will soon be available to investors aged 16 and over, who can expect to earn 4% interest on their investment – and may also be eligible for 30% tax relief on it. Every shareholder will have one vote in the Society regardless of whether they invest the minimum of £300 or the maximum of £100,000.
Sunart Community Renewables [above are, left to right: Jamie McIntyre, Robert Dunn, Dale Meegan, Richard Laybourne, David Barker, Malcolm Gillespie] expects to repay their set-up loans over 13 years. During this period the Sunart community is expected to net around £15,000 per year for local projects.
For years 14-20, while the Government’s Feed-In Tariff is still available, income for the community will rise to approximately £90,000 per year. All the electricity generated, around 400,000 kWh per year, will be sold to the national grid and all surpluses will be donated to a local Community Benefit Fund.
Jamie McIntyre, one of the three Founder Members of Sunart Community Renewables, says: ‘Investing in the Sunart Community Hydro scheme is a great opportunity to support the development of renewable energy, and the creation of an income stream for local community development.
Buying our shares will not make you rich, but you can be confident that your investment is both green and ethical.’
These days, 4% seems a pretty stellar return on investment anyway.
The Society has decided to raise as much of setup costs as possible from the community, locally and from the wider ‘community of interest’ – to maximise engagement in the project and minimise finance charges from commercial lenders.
How to invest
Full details are in the share prospectus and a Q&A leaflet linked below. Everyone interested in investing in this energetic community initiative can do so online from 3rd October through the Microgenius website; or apply immediately in paying by cheque, using the application form below.
