Mull’s community hydro scheme has now raised investment of over a third of a million pounds from local people and supporters of Mull’s green energy future.
Garmony Hydro will be a 400kW hydro-electric scheme, on the Allt Achadh na Moine burn, near Garmony on the Isle of Mull.
The task was to raise one third of a million pounds through a community share issue within Industrial and Provident Society rules.
Today Richard Thorne, a Director of Green Energy Mull has confirmed that – with four days to go – Garmony Hydro is now officially over target. The total raised now sits at £335,950 – which is needed to trigger the remaining two-thirds corporate investment in the scheme. Community groups on the island have been instrumental in motivating their members to invest.
He said: “Please keep those applications rolling in – the more we raise, the less we borrow and the more money comes back to the island communities once the scheme is built.”
Community Energy Scotland’s Nicholas Gubbins added: “The Garmony project and the folk all have the confidence now to build a community asset that will benefit Mull and Iona for decades.”.