Residents of Settle are being offered the chance to buy shares in a green electricity scheme.
The directors of Settle Hydro Limited are seeking additional investment in the hydro-electric scheme at Bridge End Mill, Settle.
Proceeds will be used to finance a number of performance improving measures.
Settle Hydro Limited, registered in June 2008 is an Industrial and Provident Society.
The scheme, built during 2009 at a cost of £415,000 started generating in January 2010.
Funding came in equal proportions from three sources, namely grants, a share issue and bank loans. The rated maximum output of the scheme is 45kW and during an average year it should deliver power equivalent to the consumption of 50 domestic dwellings however operational and maintenance factors have adversely affected production.
Lately the scheme encountered a set-back in the form of a failure of one of the bearings which supports the Archimedean screw turbine shaft.
A more reliable bearing, has already been installed.
Proceeds from the share issue will be used to finance further improvements including a variable flow device to allow generation at lower flows, which will increase the scheme’s annual energy output.
Other upgrades, including replacing the existing automatic sluice gate, will depend on the level of finance raised by the share issue. Paying off as much as possible of the loan will further improve the balance sheet.
The directors are hoping the issue will achieve between £38,000 and £195,000.
A prospectus and share application form are available on the Society’s website www.settlehydro.org.uk.
The share offer is open until September 20, 2014.
A drop-in event where prospective investors can meet the directors and discuss plans is scheduled to take place at Victoria Hall, Settle on Friday,August 8, from 3 pm to 7 pm.
For further information and an application form for shares please visit www.settlehydro.org.uk or contact one of our directors: Steve Amphlett firstname.lastname@example.org, tel: 01729 824431; Ann Harding, email: email@example.com, tel: 01729 823155, or Sandy Tod email: firstname.lastname@example.org, tel: 01729 830690.