Locals Get Chance to Invest in Hydropower Scheme
Published on by Water Network Research, Official research team of The Water Network in Business
Group Behind a Scheme to Build a Hydropower Scheme in North Wales Will Launch a Community Share Offer to Help Finance the Project
Ynni Anafon Energy Cyf hopes to construct the hydroelectric generating plant near Abergwyngregyn in the Snowdonia National Park, using water taken from the Anafaon river.
If built the installation will join other hydropower schemes already operating in Snowdonia, including one at the National Trust's Hafod y Llan farm.
Once completed the scheme is expected to generate 957 megawatt hours of electricity a year, enough to supply 230 households. It will offset more than 19,000 tonnes of carbon dioxide over 40 years.
The project is expected to cost more than £1.2m and the group hopes to raise at least £300,000 by selling shares to the local community. The rest of the money will be raised from commercial investors and the group is also in discussions with Ynni'r Fro, the Welsh Government's scheme for providing capital loans to renewable energy projects.
The community share offer will be launched today at Aber Dabba Doo, a special festival in Abergwyngregyn near Llanfairfechan today.
The festival is part the nationwide 2014 Community Energy Fortnight, being launched this weekend by energy provider Co-operative Energy.
Organised by the Community Energy Coalition (CEC), a group of 36 civil society organisations led by sustainability non-profit organisation Forum for the Future, the Community Energy Fortnight will run until September 28.
With more than 5,000 community energy schemes already in the UK, the fortnight gives the public the chance to visit established community projects in their local area.
Ramsay Dunning, group general manager, Co-operative Energy, said: "Following on from last year's event, the world's first Community Energy Fortnight, we are keen to make this year's event even more successful, which is why we are proud to be playing such a central role by headlining and sponsoring the 2014 event.
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