Community Share Offer for Installation of 3.7 kW crossflow hydropower turbine at Springhead, Fontmell Magna, Dorset
Springhead is managed by the Springhead Trust, which is a registered charity and an educational centre promoting sustainability and rural arts and crafts.
1. The Project
We will install a new 3.7 kW Ecowave Crossflow turbine in the existing turbine pit (to replace the dilapidated 20th century turbine), which will be maintained to remain efficient for up to 100 years.
Springhead Trust is North Dorset’s day and residential centre for creative and sustainable living. Due to its magical fusion of dramatic landscape, Grade II 18th century mill buildings, spring filled lake, stunning gardens and a newly built grass Amphitheatre, it captivates and inspires people of all ages, who return again and again to enjoy it’s all year round facilities. We anticipate the installation of renewable energy will contribute to the positive ethos of the Trust and provide yet another visible symbol of its success.
The aim of the Society’s second project is:
- To increase renewable electricity generation in the Sturminster Newton area
- To promote the concept of sustainable living to visiting schools and the wider community
- To provide free electricity to the Springhead Trust
- To raise investment from local people and provide them with a reasonable rate of return
- To gift the hydropower turbine to the Trust after year 20.
2. The Investment
We will raise £50,000 to finance installation of the turbine to be located within the existing turbine pit next to the main building. This will generate around 16,000 kWh/ year of carbon free electricity for the 20 years of the project and beyond to provide a return on investment from the feed in tariff and electricity exported to the grid. Springhead Trust will receive renewable electricity free of charge in return for meeting the costs of insuring and maintaining the hydropower system (including the annual maintenance required to keep all moving parts in good order.)
The offer launches on 9th March 2015 and will remain open until 30th April 2015 or until directors give notice of closure.
Energise Stur Valley is a group of people living in and around Sturminster Newton with expertise and enthusiasm for renewables, which is supported by Transition Town Sturminster. We are setting up this community investment to enable a worthwhile project to proceed.
North Dorset District Council have kindly provided the Society with a small grant to assist with setting up the Society.
What is a community investment?
Community investment provides an opportunity for local people and organisations to contribute financially to the community while creating social and environmental benefits as well as a financial return. The Springhead hydropower turbine is a stand- alone project and the investment you make will be used entirely to facilitate this one project. The returns you receive will also be from this project alone.
It is our intention to initiate further renewable energy installation projects but we would raise a separate share issue at the appropriate time for each project and the returns will also be different for each project.