The portfolio of hydro and solar power generation projects has been put together by the Totnes Renewable Energy Society (TRESOC).
TRESOC is now seeking investment of £1.5million to get the projects up and running, promising investors a healthy 4% return on their money*. Environmentalist and writer Mr Porritt is amongst those who have already invested and become members of TRESOC.
There are hundreds of community renewable energy projects in the UK but TRESOC’s is believed to be amongst the most advanced and varied portfolios of schemes.
The schemes are:
– The installation of over 70 solar panels on the roofs of South Devon Rural Housing Association properties
– Solar panels on the roof of Torquay Museum
– Solar panels on the roof of a barn at Hatchlands Farm
– Two hydro power systems on the River Dart at Totnes Weir and Staverton Leat
– A hydro power unit on the River Teign at Chudleigh which is already successfully in operation
Once the technologies are installed, the power generated may be used locally or sold to the grid. Renewable electricity output is also eligible for payments through the government Feed In Tariff (FiT) scheme.
TRESOC Managing Director Ian Bright said: “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. 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.
“The TRESOC team of directors, admin manager and volunteers has worked hard over the months following the loss of our previous project, the Totnes Community Wind Farm (TCWF), to identify and secure the projects in our current investment portfolio. Through our work on the TCWF we have established a fully professional Board with the right mix of professional skills to operate a successful renewable energy enterprise. In a competitive commercial environment with some community energy groups struggling to find a renewable energy project, TRESOC has secured six consented projects that will generate income as soon as the investments are placed.
“Community energy investments are strongly supported through the Government’s Community Energy Strategy. 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 July 23rd 2014.