The Highland Community Energy Society (Highland CES) has launched a community share offer on six hydro projects across Scotland.
The first round aims to raise £900,000 to fund the community stakes in two sites, at Allt Dearg and Allt Laghain (Laggan), and help to build the third site, at Allt a Chaitchinn (Achlain).
The project is supported by Local Energy Scotland and Energy4All Ltd, which provide advice on renewable energy to community groups.
Each of the six sites will be run by separate individual companies. These will receive administrative support from Highland CES through Energy4All’s services and will each have a director of Highland CES on their boards. The Highland Community Energy Society will hold 25.1% of the share capital in each project company.
The total value of the project is £1.89m. Residents living in the Highlands of Scotland will be able to purchase a stake for £100 while the minimum investment for others is £250. Maximum investment stands at £100,000, with interest targeted to be 4.5% return from financial year starting May 2019.
Energy4All project officer for Scotland and director of Highland Community Energy Society, Jim Lee, said: “We have recruited some local directors who will be helping to canvass to get as many local people involved in this share offer. Looking to the future, the society will create a fund for the benefit of the local community closet to each hydro site”.
The share offer is open until 31 October 2018.
