30/03/2012 - Permalink

Community group encourage investment for Neen Sollars historic mill

Related topics: Community / My area

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. 

Following their share offer launch event on 18 February 2012, the group have managed to raise over £50,000 from local people, community organisations and businesses.  While this is great news, as around £149,500 is needed from local share investment to bring this project to fruition, the group is continuing to seek further investment. 

People, who can invest as little as £250 or up to £20,000 for a single share, are encouraged to get in touch with the group before Monday 30 April 2012. 

£149,500 should cover all necessary equipment procurement and installation costs.  A £20,000 share will be purchased by Cleobury Country Ltd 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. 

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 find out a bit more about this exciting scheme and invest in it.” 

Gwilym Butler, local Shropshire Councillor for Cleobury Mortimer, said:

“This is an excellent opportunity to invest in your community, obtain income and to help the environment.  This project is a first for Shropshire and I am sure many more will follow its lead.”

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. 

Share applications can be downloaded directly from the share offer document available here.  A hard copy may be obtained by writing to Sharenergy, 22 Corve Street, Ludlow, Shropshire, SY8 1DA or by calling Sharenergy on 01584 875881.

For more information, people can visit http://www.sharenergy.coop/neensollars/