Community renewables an excellent model for Townships

Broom Power, a proposed micro hydro scheme near Ullapool, which was registered last year may be the last venture entirely funded by community share issue. Diminishing feed in tariffs have impacted the viability of micro projects registered after September 2016. Patrick Krause, Chief Executive of the Scottish Crofting Federation visited the directors of the project this week. The project, which aims to raise just under £1million in community share issue, is looking to attract investors from all walks of life. Investors can be assured their money is safe with interest paid out after 3 years and a green, community ethos to boot. Although Broom Power has just over a month to secure its investment, directors are buoyant. Neil Gerrard, a director, explained: “It’s a fantastic opportunity for any investor to take up – The point about community ownership is that it is wholly community owned. This means all the money stays in the community and isn’t shared by the banks or the developer or other partner.”

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Article by SCF

22 July 2016

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