The big day approaches Harlaw Hydro is nearly ready to launch its share offer. At 7.30pm on 9th April, in St Joseph’s Hall, Harlaw Hydro will present its plans for the hydro-electric scheme at Harlaw Reservoir and will launch the share offer. There will be opportunities for questions, comments and suggestions but most importantly there will be an opportunity to invest in this exciting community project. The prospectus and forms will be available on line here and on Harlaw Hydro’s new web site which will be HarlawHydro.org.uk where there will also be copies of relevant documents.
A great deal of preparatory work has been completed and the project is now ready to move onto the next stage. If you are interested in what other coops are raising money for look at community shares.
The Water of Leith is a source of green energy right on our doorstep. The river used to power industry in South West Edinburgh, and it has been a dream of many to harness this energy for the benefit of the community. The plan is to install a 65Kw turbine at the base of Harlaw Dam and to take advantage of the government’s Feed In Tariffs (FiT) for Renewable Energy to sell power to the National Grid.
Harlaw Hydro (HH) has now achieved several major milestones.
- In September 2012 Harlaw Hydro, an Industrial Provident Society (IPS) a co-operative established for community benefit, was incorporated.
- In October 2012 SEPA (Scottish Environment Protection Agency) granted HH a CAR (Controlled Activities (Scotland) Regulation).
- In October 2012 City of Edinburgh approved the planning application. Full details of the application can be seen on City’s website https://citydev-portal.edinburgh.gov.uk planning application 12/00001/ful.
- The terms of the lease for the site City of Edinburgh have been approved by the Councillors.
There are still several major milestones still to come;
- The application for a connection to the national grid has been submitted. Scottish Power Networks response is expected in May.
- Raising the capital to purchase and install the equipment will start when the above two items have been secured – target is April 2013.
To make this dream a reality we will need your help. It will cost an estimated £313K to implement the project. To help finance it, it is hoped that many in the community will purchase shares in Harlaw Hydro which has been created to own and run the hydro scheme. The more the community invests in the project the less will have to be borrowed from banks, and the sooner profits will be available both to shareholders as yearly interest payments and as grants to improve our community. We hope people will get excited about the project. We also hope people will want to invest in it. Once planning permission is secured we will be issuing a prospectus inviting people to invest in Harlaw Hydro. If you are interested in receiving a copy of the prospectus, or would simply like to know more, then please contact Martin Petty (firstname.lastname@example.org).