SUCCESS FOR SETTLE HYDRO
It's the best Christmas present ever for Settle Hydro Ltd, as Directors celebrate raising their target of £100k via a public share offer.
Director Ann Harding said:
"We're absolutely delighted. Phones have been ringing and people have been purchasing shares all weekend. We've been inundated with support. I can't thank people enough for showing how much they back the idea of green energy and are totally committed to the Settle Hydro project. People care about the future of the planet, they're committed to reducing carbon emissions and they know that Settle Hydro will still be generating green electricity when their children are grandparents. I only hope that planning and the Environment Agency show the same support and then it's full steam ahead to start on site at the end of January."
Steve Welsh, MD of Water Power Enterprises (h2oPE) who will manage the project on behalf of Settle Hydro Ltd added:
"We've had tremendous support from the people of Settle, right from day one. We know that anglers are concerned about the impact on fish - as are we. The Ribble is one of the top five salmon rivers in the UK, and because of this we've spent a lot of time and effort, in consultation with the Environment Agency, ensuring that the hydro scheme will not have any negative impact on the migration season - in fact, we are confident that a final independent report, due any day now, will demonstrate how much we can improve the efficiency of the fish pass."
Subject to obtaining regulatory permissions, Settle Hydro intends to install a 50kW, fish-friendly, small-scale hydro at Bridge End Weir in Settle. The plant, which uses a modernised version of a 2,000 year old Greek invention - the Archimedean screw - to generate electricity, will produce enough power for 50 homes.
Paul Monaghan, Head of Social Goals and Sustainability at The Co-operative Group, said:
"We are really pleased that the local community in Settle have given their support to the scheme. The Co-operative Group have worked hard to support this innovative scheme, with our Bank looking to provide funding, our Food business looking to take any surplus electricity and our Co-operative Fund helping with the establishment of community-ownership.
"The new community-led Society in Settle will be run on a one-member one-vote principle and we are delighted that people understand the principles of social investment. So many of the challenges faced by local communities could benefit from a co-operative solution."
About the Settle Micro Hydro Scheme
It is proposed to install a 50kW Archimedean screw at Settle Weir near Bridge End Mill (Top picture). The screw will be installed close to the original waterwheel and will use part of the existing millrace.
The Scheme will generate approx 180,000 kWh (units) of electricity per year – enough for around 50 average houses, saving 80 tonnes of carbon per year or 3 200 tonnes of carbon over an expected lifetime of 40 years.
http://www.greensettle.org.uk/hydro
About h20PE
Water Power Enterprises (h2oPE) were responsible for the UK's first community-funded hydro in New Mills. The Co-operative Group has backed Water Power Enterprises (h2oPE) with a £48,000 Co-operative Fund grant to develop three community-led renewable energy projects, including the Settle Hydro project.
Water Power Enterprises (h2oPE) is proud to be a social enterprise. Our Board has both a business and community focus. We believe we have a working business model that can deliver renewable energy, that can engage local communities and that can provide investors with an ethical, long term opportunity that does nothing less than help save the planet.
h2oPE is a Community Interest Company limited by shares. We intend to develop ‘low head’ hydro sites using the Archimedean screw which will be installed adjacent to suitable river weirs. The water will run from above the weir, down the screw and turning it, returning to the river just below the weir. The turning motion of the Archimedean screw generates electricity which can then be sold through the national grid. The technology is simple and is proven to work. h2oPE is in a position to produce renewable energy at no cost to the future of the planet. By this means we aim to save approx 6,500 tonnes of carbon emissions per year by installing around 5MW of renewable energy by 2015. This is the equivalent of saving 18 million car miles per year and supplying upwards of 10,000 homes.
h2oPE takes the long view of renewable energy creation enabling larger hydroelectricity sites to be installed with a greater benefit to the environment obtained over the lifecycle. We achieve this by providing a blended financial return to stakeholders which is the essence of being a social enterprise – bigger social returns achieved by accepting more modest financial returns.
We believe that social enterprise and renewable energy go hand in hand and that local communities can become the beneficiaries of the revenues so raised for decades to come. h2oPE propose to remove the two biggest barriers to the involvement of the local community in renewable energy by providing both the finance and capacity to develop and install small scale hydroelectric schemes.
(c) h20PE 2008
Picture (c) Settle Hydro Ltd 2008
20 Dec 08
