The Totnes Renewable Energy Society (TRESOC), an Industrial & Provident Society in the UK, is seeking investment of £1.5 million for the development of hydropower and solar power schemes in Devon.
The projects include two hydropower systems on the River Dart at Totnes Weir and Staverton Leat and a hydropower unit on the River Teign at Chudleigh, which is already successfully in operation. The solar schemes involve the installation of panels on housing, a museum and a farm.
Once the technologies are installed, the power generated may be used locally or sold to the grid. Output is also eligible for payments through the government Feed In Tariff (FiT) scheme.
TRESOC said investors in the scheme would receive a healthy 4% return on their money on the basis of revenues generated, taking into account operating costs.
“We need £1.5million in investment to finance the projects we have secured which will put South Devon ahead as a beacon for community owned renewable energy development," said TRESOC Managing Director Ian Bright. "People can invest as little as £20 or as much as £100,000. Community renewable energy projects have become a hot issue now with investors seeking a safe haven and a steady income for their money
"Community energy investments are strongly supported through the Government's Community Energy Strategy," he added. "Consented renewable energy schemes are considered low risk because revenue is index linked through the FiT Scheme to the Retail Price Index and to inexorably rising electricity prices."
The deadline for the share option is 23 July 2014. For more information visit www.tresoc.co.uk
Image: Investment is sought for an operating hydropower system on the River Teign