Community hydro scheme to go ahead after funding target is achieved
A small rural community has raised enough cash to press ahead with an innovative hydro scheme which promises to make the area more self-sufficient.
Sunart Community Renewables, based near Lochaber, has now raised £290,000 via a community share shceme – meaning it has raised enough collateral to seek external funding.
A figure of £850,000 in total is needed to undertake the development with the share offer remaining open until the end of February.
A contractor is to build the hydro scheme is currently being sought and it is hoped that work will start in the Spring with the scheme being completed by the end of November this year.
Sunart Community Renewables director, Jamie McIntyre, said: “We are delighted with the enthusiastic response from local people and many others across the UK in supporting our community initiative.
“Both individuals and organisations have bought shares and we know there are many more planning to do so before the share offer closes at the end of February”.
Kelly McIntyre, programme manager, Community Shares Scotland, said: “This success should spur on others out there who have a nugget of a community business idea and are keen to progress it in 2015.
“We are also keen to highlight the diversity of business that can benefit from this scheme and encourage people to come forward with their ideas. Sometimes a fairly simple business model can add a real benefit to a community and this is where we can offer a lot of advice."