Money flows into hydro project

NEARLY £40,000 has already been invested in a community project to bring hydro-electric power to Saddleworth.

The amount has been raised in only two months, with directors of the Saddleworth Community Hydro project close to achieving the half-way point of their £100,000 target.

The first investor in the project that will see a turbine installed at Dovestone reservoir in Greenfield, signed in January.

Director Tony Bywater confirmed that more than £39,000 has already been collected for the hydroelectric scheme, which aims to give a return to those buying shares and also raise money for community projects.

The latest pledge is from the Greenfield and Grasscroft Residents’ Association (GGRA), which has decided to spend £1,000 on shares.

Around £100,000 will be raised by selling shares, with a Government grant providing a further £223,000. Work is set to start this spring to install the turbine that will use fast-flowing water from the reservoir.

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