Groundbreaking local hydropower co-operative is launched
A community group in Cleobury country is seeking investors to help return the historic Tetstill Mill in Neen Sollars to the harnessing of power from the River Rea by producing green energy for local people.
To encourage local interest and support, The Neen Sollars Community Hydro Co-operative (NSCH Co-op) Ltd is holding a share offer launch event on Saturday 18 February 2012 from 10am until 4pm at The Milson and Neen Sollars Victory Hall.
Here local people, community organisations and businesses will be able to see the plans for a hydroelectric scheme, how much they can invest (as little as £250 or up to £20,000 for a single share) and what they can expect as a return on their investment and in tax benefits. There will also be members of the local community including NSCH Co-op representatives, the project team and the design consultants on hand to explain the project and answer any questions.
It is hoped that the £150,000 (provisional estimate) needed to bring this project to fruition will all come from local share investment. This should cover all necessary equipment procurement and installation costs. A £20,000 share will be purchased by Cleobury Country Ltd (CCL) following their successful bid for funding from Shropshire Council’s Market Towns Revitalisation Project. Its dividend will be used for sustainable projects within the local community.
When complete, this community-owned scheme will provide (via the National Grid) the equivalent of around 20 per cent of the domestic electricity use in the village. The income (dividend) will come from electricity sales and the ‘feed in tariff’ which will be based on the annual power generated and exported from the site with an adjustment to cover operating costs.
The project follows the successful community share offer by Leominster Community Solar. It will be the first hydropower co-operative in the West Midlands. Both projects have been supported by Sharenergy, a Ludlow-based co-operative.
Councillor John Hurst-Knight, Shropshire Council’s deputy cabinet member, said:
“This is a fantastic scheme which will get the whole community working together. I’d like to encourage as many people, organisations and businesses to go along to the share offer event, even if it’s just to find out a bit more about this exciting scheme.”
Gwilym Butler, Shropshire Councillor for Cleobury Mortimer, said:
“As local member and Cabinet member for Flourishing Shropshire Communities, I was keen to champion this application through Shropshire Council up to Cabinet. This project shows how Cleobury Country working with partners can create sustainability both environmentally and for the future within the community for other projects. This is the first project of this kind in Shropshire and I commend Bill Duley and his team for bringing it to fruition. Communities working together with partners and delivering what they need is the future.”
People unable to attend the event will be able to see details of the project and obtain the share offer application from the Co-op website.
