Broom Power Hydro Achieves Funding Target!
A community share offer by Lochbroom Community Renewables (LCR) has achieved its £900,000 funding target on Sunday a few days ahead of the offer closing date on 31 August. Broom Power is a 100kW run-of-river hydro-electric scheme that will be developed by LCR at Allt a’ Mhuilinn burn on Forestry Commission Scotland land about eight miles south of Ullapool in the North West Highlands. LCR expect to pay investors 4% interest once the scheme is built in 2017 and build up a community benefit fund of over £500,000 over the next 20 years that will be paid to the Ullapool Community Trust.
The share scheme was launched back in April 2016 with a “Hydro Hoolie” with supporting ceilidh band and the community have work tirelessly to promote and bring investment from the local community, the UK as well as some international investors. With only a week to go the group still had £480,000 to raise, but a final rush of interest saw the final sum raised in just five days.
Tim Gauntlett, Chair of BroomPower stated in the achievement:
“This is a magnificent result for the volunteer directors and supporters of BroomPower. The whole area of Ullapool and Loch Broom has responded to the call for community engagement and given this project a financial boost of confidence. It has ignited the imagination of people from across the UK and that also helped us to reach our target of £900,000. At a time of austerity and uncertainty, it is breathtaking that people have invested so much of their money. Maybe it is the simplicity of green energy, combined with a small community seeking to provide for itself, that has inspired investors. “
CARES provided grant funding assistance to Ullapool Community Trust in 2012 to undertake the initial feasibility study to look at two potential hydro projects. A further £135,000 pre-planning loan has assisted the community to develop the project, secure planning and build the business case to take the project forward.
It has ignited the imagination of people from across the UK