It rains a lot in Ardnamurchan, though we’ve had some unseasonal mild and dry days of late. Our neighbours in Strontian are exploiting the naturally wet climate by seizing the chance to build their own Community Hydro-electric scheme which will generate money for the community to use for a variety of local developments.
What is new about this project is that it is looking to raise a significant amount of the necessary funding by selling ‘community shares’, and anyone can buy them. Investors have come from across the peninsular, including West Ardnamurchan and beyond, and over £135,000 has been raised in the first six weeks.
Community shares are an attractive investment, because it is equivalent to 10% annual return over five years with interest payments around 4% when the turbine starts. On top of that, it is expected to qualify for the Enterprise Investment Scheme, offering 30% tax relief for investors.
Investing in Sunart Hydro is an example of how Highland communities can support the development of renewable energy while creating an income stream for local community projects. Buying community shares will not make you rich, but you can be confident that your investment is both green and ethical.
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