Scottish renewable energy developer Harlaw Hydro Ltd. has met its goal of raising about US$477,000 for a new 65 kW hydropower project via the sale of public shares.
The group, established as an Industrial and Provident Society, had first considered financing the project through local banks. Public interest in developing a small hydro plant was so strong, however, that the group decided to fund it primarily through community crowdsourcing.
Each share was initially listed at about $75 with a minimum investment of $375. Harlaw Hydro was able to raise the money necessary in 12 weeks.
“Many thanks for the enthusiastic response, its been tremendous and very encouraging not only for our project but also for other projects around the country aiming to do something similar,” the group’s website said. “The next step is to finalise the tender and then talk to potential contractors,”
The plant will be located at the Harlaw Reservoir in Balerno, which is a suburb of Edinburgh. The project is part of the Balerno Village Trust’s efforts to produce 100% of the town’s energy with renewable sources by 2020.
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