Since the cost estimates in the feasibility studies were completed in 2010 several things have changed; importantly the size of the turbine has been increased from 65kvA to 95kvA which will enable us to take advantage of peaks in the flow of water available and we can now replace most of the estimated costs with firm prices. However inevitably the total has risen and up to £105k in additional funding is being sought.
The society has established that it can borrow the additional amount required but the most cost effective route to additional capital is to sell more shares. Accordingly the share offer is being re-opened on exactly the same terms as before, the share application form is on the website along with the updated financial projection. The intention is to keep the share offer open until at least July 2014; the board will keep the closing date under review.