Llangattock Green Valleys is celebrating the success of its second micro hydro co-operative share offer. While the co-operative has not yet raised its full target of £690,000, it has secured well over the minimum £550,000 it needs to proceed with the project.
The directors are now seeking loan finance to fund the balance, and the additional good news is that while they negotiate the deal you can still buy shares.
They co-operative is currently just £70,000 short of its full target, so if enough people step in now and buy shares, there’s a very good chance it won’t need loan finance at all.
To recap, the co-operative aims to build four small-scale micro hydro schemes in the Brecon Beacons National Park. The schemes will generate some 355MWh of renewable electricity a year – enough to power 90 homes and displace around 158 tonnes of CO2 a year.
They’ll also generate income, with the profits shared equally between Members and a special Community Fund that will be used to support further sustainable projects.
For Members, this means a projected annual return of 5%, averaged over 20 years. Plus there’s potential for attractive tax relief benefits through the Enterprise Investment Scheme.
Meanwhile, the Community Fund should receive some £550,000 over the 20 years, giving Llangattock Green Valleys the chance to develop other projects that will make a real and lasting difference.
To find out more and download the Share Offer Document, go to www.llangattockgreenvalleys.org, or call the group free on 0800 206 1915 to request a copy of the Share Offer Document by post.