The primary drivers behind the creation of this hydroelectric scheme are to reduce the island’s carbon footprint and to generate a sustainable and significant income for the island’s long-term future and community resilience. The aim is to create between £30,000 and £150,000 per year that will be used on island based community projects.
The scheme is expected to cost £1.3 million to create. The funding for this has come from a Bank, the Renewable Energy Investment Fund (REIF) and the sale of Community Shares. The initial development-phase funding of the scheme came via a loan from the Community and Renewable Energy Scheme (CARES).
Investors should receive an annual interest payment of around 4% of their investment each year. There are tax incentives for UK taxpayers. Green Energy Mull has been created as a Community Benefit Company. Shareholders each receive one vote, regardless of the number of shares they purchase.