Power to the people

David Sanderson signs up as the first shareholder in the community hydro scheme

THE future’s green in Saddleworth after the first shareholder in a groundbreaking power project signed on the dotted line.

David Sanderson, a member of the Greenfield and Grasscroft Residents’ Association, has become the first member of the public to invest in the landmark Saddleworth Community Hydro Project.

Due to be launched this spring, Dovestone reservoir will be the site of an underground turbine that will use 3.5 million gallons of water daily to create green electricity.

A genuine commitment to going green has spurred David, who lives in Friezland, to invest and get behind the scheme.

The move goes hand in hand with his role as director of a new start-up business specialising in low-carbon manufacturing.

He said: “The big thing for me about this project is that a lot of people feel they can’t do anything about climate change.

“This shows that a small group of local people can get together and organise a project that makes a small but clear contribution to reduce carbon emissions.”

David had been behind the project since he sat down with fellow members of the association almost four years ago to come up with new community projects. It was he that suggested the possibility of setting up a hydro project from which power could feed into the grid and produce profits to go towards community causes.

Countless meetings later and the plan is now in full flow. Dave was the first to put his money where his mouth is when the shares were released.

Directors are hoping to raise £120,000 through selling shares to buy the 51kW turbine that will generate enough energy to power around 45 homes.

The minimum investment is £250 and the maximum £20,000 and directors hope to be able to offer 4 per cent interest from year two.

David added: “In many ways this is not innovative technology, we were using waterpower for mills years ago.

“What we have managed to do though is think differently to bring this project to Saddleworth, but people need to invest in this and make it a reality.”

As well as cash raised through sales of shares, a grant of £223,000 from the Department for Environment Food and Rural Affairs (DEFRA) will make up the total needed.

A shares prospectus can be downloaded at www.h2ope.co.uk