We sell to whichever energy supplier offers us the best deal on an annual basis. The power is distributed via the national grid .
A premium rate is received because the power is generated 24 hours a day, 7 days a week: it is not dependent on the vagaries of the weather except in a case of extreme drought.
In addition we are eligible for Renewables Obligation Certificate (ROCs) and some other government renewable payments.
We do not get Feed In Tariff payments because we received a grant from Defra.
Saddleworth Community Hydro Ltd was awarded a grant of £223,000 from Defra under the Rural Carbon Challenge Fund and part financed by The European Agricultural Fund for Rural Development.
£229,000 was raised in shares. The community share offer was coordinated by PR and fundraising specialist Clare Walker of C J Communications and attracted shareholders from all over the UK. For further information contact: email@example.com or phone 07595 873221.
The constitution of the Community Benefit Society states that no shareholder may hold more than £20,000 in shares. All shareholders have an equal vote.
Share holders include individuals, both local and from further afield, voluntary organisations, businesses, Oldham Council and Saddleworth Parish Council. Approximately 1/3 of shareholders are from outside the local area.
Key Fund provided a bridging loan during the construction period.
Short term loans from individuals were needed to cover unanticipated commissioning costs. All paid back by July 2018
In 2019 we issued another share offer to maintain a vibrant local base of shareholders, to provide for repayment of shares when requested and start to build up a sinking fund for replacement of major items of equipment. This raised £18,500.