Project will power 130 homes
Hydro share scheme targeting £500,000
Aberdeen Community Energy (ACE) hopes to raise £500,000 by selling £1 shares in the Donside Hydro.
It is on track to complete construction and begin generating electricity by October and will create a sustainable income for the local community by selling clean, renewable electricity to the national grid.
The project is expected to power the equivalent of around 130 homes annually.
The repayment of capital investment will take place annually over 20 years, beginning in year two.
Investors will receive a portion of their capital plus the interest each year, until the amount is fully repaid in year 20. Projections show that for an investment of £1,000, the total return over a 20 year period would be just over £2,500.
Sinclair Laing, founding director of ACE said: “We are so pleased to have finally launched the share offer. Construction began in early June and the Donside Hydro is taking great shape, but our work is far from over.
“We are hoping to raise £500,000 over the next five weeks, which seems quite daunting but we’ve seen similar projects across Scotland raise similar amounts in the same time frame, so we know it can be done.
“We’re calling on people from communities across the UK to support us. If you are passionate about green energy and sustainable communities or even if you’re just looking for a solid return on your investment, then please take some time go through the share offer document and get in touch to find out more.
“The minimum investment is £100 and the maximum £100,000, so we hope to attract a wide range of investors.”
Kevin Stewart MSP said: “The Donside Village community are to be applauded for their efforts in making their hydro scheme a reality and I hope that folk will get behind them by investing in the project through their community share offer.”