ECO-FRIENDLY locals have a rare chance to be part of Saddleworth Community Hydro as a limited number of extra shares have come up for sale.
The innovative turbine, based at Dovestone Reservoir in Greenfield, is the first community-owned high head system in England to use an existing dam to generate electricity.Saddleworth Community Hydro Ltd designed and launched the scheme in 2014 and now generates enough sustainable electricity to power about 100 homes via the national grid, with an annual saving of 1,600 tonnes of CO2.
The group uses profits to provide grants to support local community sustainability projects.
As the society has been generating renewable electricity successfully since 2014 it is financially stable but looking to the long term, it wants to attract some new, local investors.
Directors are maintaining and refreshing the Society’s capital base by issuing 5,000 new shares of £1 each. The minimum investment is £250 and should be seen as a social rather than a commercial investment. Shareholders receive a modest annual interest payment.
Find out more by reading the prospectus on their website www.saddleworthhydro.co.uk
If you are interested in buying shares, contact Saddleworth Community Hydro via the website or ring Tony Bywater on 01457 875423.
The closing date for applications is October, 31, 2019.