Finance

Capital Investment
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: claremwalker@hotmail.co.uk or  phone 07595 873221.
The constitution of the Industrial and Provident 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.

Income
We sell to the national grid via an aggregator.
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) 
We do not get Feed In Tariff payments because we received a grant from Defra.





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