The first round aims to raise £900,000 to fund the community stakes in two sites, at Allt Dearg and Allt Laghain (Laggan), and help to build the third site, at Allt a Chaitchinn (Achlain).
Each of the six sites will be run by separate individual companies. These will receive administrative support from Highland CES through Energy4All’s services and will each have a director of Highland CES on their boards. The Highland Community Energy Society will hold 25.1% of the share capital in each project company.
The total value of the project is £1.89m. Residents living in the Highlands of Scotland will be able to purchase a stake for £100 while the minimum investment for others is £250. Maximum investment stands at £100,000, with interest targeted to be 4.5% return from financial year starting May 2019.
Energy4All project officer for Scotland and director of Highland Community Energy Society, Jim Lee, said: “We have recruited some local directors who will be helping to canvass to get as many local people involved in this share offer. Looking to the future, the society will create a fund for the benefit of the local community closet to each hydro site”.
The share offer is open until 31 October 2018.