At the DTAS (Development Trusts Association Scotland) Annual Conference at the Westwoods Hotel, Cumbernauld one of our directors led a workshop on raising finance through community shares. Click DTAS September 2013 to download a copy of the presentation.
Key to a successful project is a good tender. The tender has been drafted and has been through a first review. One of the strengths of the cooperative (Industrial Provident Society) structure is its membership and some of our members, with proven engineering and contract knowledge, have joined the team reviewing tender.
During the summer background work has continued preparing for the next phase of the project. A key part of that work is ensuring we have the right turbine for the site and flow of water. That was addressed by the Ossberger engineer following a site visit at the end of July.
The target is passed, the closing date of 28th June is passed, we’ve allowed time for last minute / ‘its in the post’ folks; the share offer is closed. Many thanks for the enthusiastic response, its been tremendous and very encouraging not only for our project but also for other projects around the country aiming to do something similar.
The next step is to finalise the tender and then talk to potential contractors, we’ll keep you posted.
Congratulations to one and all, an excellent response. Thanks to contributions made at a well attended open meeting in St Joseph’s Hall on 25th and a last minute rush of postal applications Harlaw Hydro now has 207 members who between them have contributed all that was asked for. The Share issue closes on Friday 28th.
The first share issue has now been completed and certificates are either with the relevant members or are in the post. This issue relates only to the applications that are expected to be eligible for the government’s SEIS (Seed Enterprise Investment Scheme). Once the requirements of SEIS have been fulfilled the remaining shares will be issued, likely to be in the late autumn.
Another milestone past with over 80% of the target amount raised from 158 members all concerned should be congratulated and encouraged.
City of Edinburgh has successfully completed the lining of the lower outflow from the dam, another prerequisite to us starting work and work is well underway on a tender document for the appointment of a contractor.
150 members and 77% of the target reached which is excellent progress.
On top of that we now have an agreed grid connection from Scottish Power Networks – another of the ‘ducks’ properly in line.
Encouraged by the success of the Harlaw Hydro share issue other societies are being formed to raise capital for community projects. Islay Energy Trust had a successful public meeting on 14th May launching their share offer; Mull and Iona Community Trust and Strathaird Trust on Skye are also considering forming a society to help fund community projects.