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Abingdon Hydro Shares

PRESS RELEASE                                                                 21 October 2014

FOR IMMEDIATE RELEASE

Abingdon Hydro – green community investment offer

Abingdon Hydro shares are to be launched on 1 November at a meeting in the Guildhall in Abingdon from 10am. The target is £1.25million to construct the hydroelectric scheme. Many people have already indicated they wish to support this community based sustainable energy project to build a hydro-electric scheme on the River Thames weir.

Abingdon Hydro was set up as a community enterprise to make the profits available to support local environmental projects. You are now offered the chance to invest in this green, ethical scheme, with up to 4% return. Small investors are encouraged (minimum £500) and tax payers may qualify for a tax rebate of 50% as this is a qualifying green start-up project.

All investors will in any case benefit from a 30% tax rebate. More details are available on the website.

The aim is to create wide local share ownership.  Already the company Directors have a wide following of interested supporters, a number of whom have already invested over £40,000 to enable the initial planning and design work to be done. All shareholders will be able to vote for Directors and how profits are used.

This scheme ticks a lot of boxes – green, ethical, local investment in a sustainable energy source with an attractive and educational feature alongside the river walk.

Thinking of investing? Register or more details on their web site: www.abingdonhydro.org.uk               or everyone welcome to the meeting

 

The Project

Many local people look at the River Thames weirs and wonder if all that water flow might be put to good use. Richard Riggs, a local retired scientist and engineer, thought this was an idea whose time had come. He started Abingdon Hydro with other local residents in 2010 as a not-for-profit company set up to generate hydroelectricity.

 

Two Archimedes screws will be constructed to generate up to 100kW of electrical power at Abingdon weir next year. This will be highly visible renewable energy that will form an interesting educational feature for visitors.

 

Now, after four years of research and planning the scheme has the go ahead. Vale District Council owns the site and agreed a lease and planning permission. The Environment Agency licence required a fish pass so the design includes a section of stream to provide a spawning ground and the canoes will continue to use the weir white water.

 

Abingdon Hydro Limited is an Industrial and Provident Society for the Benefit of the Community,

Registered in England and Wales, Registration number 31792R,            VAT No. 188 7878 20

Registered address 2 Benson Road, Abingdon OX14 1LN

Contact for further information – Penny Clover 01235 520404 /springroad@talktalk.net or see attached poster

Poster for Share offer