But in the meantime, this note is to update you (and whet your investment appetite!) about the new initiatives mentioned in previous Newsletters i.e. Possible New Hydro scheme, located in Congleton Park and a Community Solar Scheme. The Hydro, utilising the sumptuous Weir in Congleton Park has reached the stage of outline designs being complete, Contractors have been identified for major work e.g., civils and Cable Laying. However, whilst discussions with Cheshire East are positive, the core legal issues of land ownership and Park usage Covenants will take quite some time to resolve. However, the Community Solar Scheme has been proceeding at pace and the Share Offer is ready for your perusal.
As a reminder, Community Energy Organisations are non-profit making but have an objective to generate an annual surplus that is then used to fund suitable Community Projects—Congleton Hydro, now in its second year has so far provided £9K for projects that are focused on the Environment and its Sustainability. Funding for these Community Energy Schemes is provided by the capital raised from Community Share Offers. Congleton Hydro Share Offer raised over £700K. Investors then receive their capital back over a number of years together with annual interest payments.
Congleton Solar will be funded and operated in the same manner. We have ten launch Customers signed up with letters of intent. These are a mix of Schools and businesses in Congleton and neighbouring North Staffordshire. When the share offer realises its potential the first installation is hoped to be completed before the year’s end and the others staged early in the new year. Two MCS-approved Contractors have been chosen to carry out the installation and commissioning.
The Share Offer issued today (12th July) has a target to raise a minimum of £530K. It will be available for you to support and Invest in the scheme and will remain open until October 31st (or earlier if the target is achieved).
Please feel free to share with your friends and family, share the link www.congletonsolar.co.uk.
You are also invited to attend a launch event at Congleton Town Hall, on 18th July 7 pm. This will be a chance to meet the team and get any questions answered. It is free to attend but if you could register below it will just help with the number of refreshments!
Thanks so much for all your support!