Abingdon Hydro shares launched in November, with a target of £1.25 million to construct a hydro-electric scheme to generate sustainable energy from the River Thames.
All UK tax paying investors can still benefit from a 30% tax rebate on their investment. Details are available on the website www.abingdonhydro.org.uk.
This makes it an attractive offer for people looking to get both a good return, often better than banks or other savings – up to 4%. This scheme ticks a lot of boxes –green, ethical, local investment in a sustainable energy source with an attractive and educational feature alongside the river in Abingdon.
The company has a wide and growing following of interested supporters, a number of whom invested over £40,000 to enable the initial planning and design work to be done.
The aim is to create wide local share ownership and already more than 250 people have given their support and invested almost £500,000.
“We set the closing date for the share offer as the last Saturday before Christmas, but with the post being what it is at this time of year we are not too fussy about the exact date. We hope to see as much of the capital needed to build next year coming from investors rather than more expensive loans”.
Shares can also be purchased as a children’s “gift” by parents or grandparents.
Forms are available on the website
The next step will be at the AGM on 23 January for all members to review the plans for construction in 2015.
Thinking of investing? Register or more details on their web site:
Abingdon Hydro was set up as a community enterprise to make the profits available to support local environmental projects. All shareholders will be members, able to vote for Directors and how profits are used.
Many local people look at the River Thames weirs and wonder if all that water flow might be put to good use. Richard Riggs, a local retired scientist and engineer, thought this was an idea whose time had come. He started Abingdon Hydro with other local residents in 2010 as a not-for-profit company set up to generate hydroelectricity.
Two Archimedes screws will be constructed to generate up to 100kW of electrical power at Abingdon weir next year. This will be highly visible renewable energy that will form an interesting educational feature for visitors.
Now, after four years of research and planning the scheme has the go ahead. Vale District Council owns the site and agreed a lease and planning permission. The Environment Agency licence required a fish pass so the design includes a section of stream to provide a spawning ground and the canoes will continue to use the weir white water.
Abingdon Hydro Limited is an Industrial and Provident Society for the Benefit of the Community,
Registered in England and Wales, Registration number 31792R, VAT No. 188 7878 20
Registered address 2 Benson Road, Abingdon OX14 1LN
Contact for further information – Penny Clover 01235 520404
Member since: 10th July 2012
I love Abingdon and am passionate about promoting the businesses and events that are centred there. I want everyone to realise how great they are and how we should all be using them!