Ribble Valley residents have extended a community share offer in a bid to raise the money needed to generate community-owned clean energy on the River Calder.
After raising almost £300,000 in three weeks, the share offer – launched earlier this month (November) with support from The Co-operative Enterprise Hub - will now remain open until Wednesday, 11, December.
Whalley Community Hydro is aiming to raise £400,000 through its share offer to install an Archimedean screw turbine capable of generating up to 345,000kWh of renewable energy each year. It is hoped that work could begin as early as this coming spring.
Graham Sowter, a founder member of Whalley Community Hydro, explained: "We are delighted with the response that we have had and, with expressions of interest continuing to arrive daily we decided to extend our share offer. Greater levels of community ownership will mean that more of the benefits of the energy generated can remain local to support environmental, charitable and community projects in Whalley and the surrounding areas."
The hydro-electric scheme will revive the river's 600 year-old weir and, comes after almost four years of research and planning including a Department for Energy and Climate Change funded study into river flow and feasibility. Environment Agency permissions are also in place for the scheme which will be designed to enhance and protect the river's biodiversity
Michael Fairclough, head of community and co-operative investment at The Co-operative - which assisted the community through its Co-operative Enterprise Hub, said: "There is significant potential for communities to control, generate and benefit from their own renewable energy.
"By working together people can be powerful catalysts for change capable of overcoming many of the challenges facing society, the environment and economy. Co-operation can be key to bringing about the changes that people want to see in their communities."
Shares in Whalley Community Hydro cost £1 with a minimum investment of £250 - up to a maximum of £20,000. Organisers aim to pay a return of between 3 – 5% to investors who may also qualify for the Government's Enterprise Investment Scheme (EIS). For more information and to obtain a copy of the share offer document, click here.
There has been a near 25% increase in the number of UK co-operative enterprises since 2009. Other communities interested in co-operative solutions to the running of business and services can contact The Co-operative Enterprise Hub, a free service operating UK-wide to support the creation and growth of member-owned enterprises.
Content managed by the Co-operative
