A co-operative set up to produce renewable electricity in the Brecon Beacons National Park has raised more than £200,000 from investors, Wales Online has reported.
Llangattock Green Valleys Micro Hydro (2) Co-operative was launched earlier this month with a share offer that aims to raise £690,000 to fund four small-scale hydroelectricity schemes on the south-eastern side of the National Park.
Together the schemes will generate some 355MWh of electricity a year – enough to power 90 average Welsh homes.
The co-operative is the second launched by local energy group Llangattock Green Valleys through its trading arm LGV Ventures. The group’s first co-operative share offer, Llangattock Green Valleys Micro Hydro (1) Co-operative, was successfully completed in just two months last autumn, with 100 people subscribing the full £270,000 needed to fund the group’s first two micro hydro schemes.
Those two schemes have just received full planning consent from the Brecon Beacons National Park, with construction due to begin early this summer.
Shares in the co-operative cost £1 each, with a minimum investment of £250 and a projected rate of return for subscribers of 5 per cent per annum, averaged over the 20-year life of the project.