Trailblazing Community Benefit Society launches main share offer
Braemar Community Hydro (BCH) have now launched their main share offer to fund the building of a community hydro scheme on the Corriemulzie Burn, west of the village. BCH is among the first of the Community Benefit Societies created under new government legislation which provides a framework to attract investment into development projects which have a community benefit.
Not only will the Braemar scheme fund a significant local green energy project with a resultant revenue stream to upper Deeside, members will also enjoy returns on their investment estimated at 5%, rising to 8% including tax relief.
The Share Offer was officially launched on Tuesday (12th May) and aims to raise £650,000. In March an earlier pioneer share offer for £150,000 was fully subscribed, with strong local support, in just 10 days. The current offer is open to all.
Director of BCH, Dave Chandler says ““The community have embraced this opportunity and this Hydro Scheme is absolutely right for Braemar and the Cairngorm National Park. As well as demonstrating the ability to make excellent use of our natural resources in an environmentally sensitive manner it will provide financial help to future community projects well into the next generation, alongside providing a sensible financial return for its members. It is something for the community to be proud of.”
“Since the pioneer share round we have secured a fixed price construction contract with Highland Eco Designs of Auchterarder and have already awarded the design phase. Funds raised in the current share offer will finance the construction which is scheduled to start this summer.”
Braemar Community Ltd first began exploring the possibility of replacing the obsolete Victorian hydro scheme at Corriemulzie which had once supplied electricity to Mar Lodge, back in 2007. Following the Community Benefit Societies legislation Braemar Community Hydro was established in February this year to implement the scheme.
The share offer document and the application form can be down loaded from the websitewww.braemarhydro.org.uk. More information is available from Alastair Hubbard on 07899 670750