Agenda item

Jordan Dam Community-owned Hydro Scheme

- Emma Bridge, Sheffield Renewables

Minutes:

Emma Bridge, Sheffield Renewables, gave the following presentation on Sheffield Renewables and the Jordan Dam project:-

 

Sheffield Renewables

-        Voluntary organisation set up by volunteers who wanted to see renewable energy across South Yorkshire but particularly in Sheffield

 

Sheffield:  A Green City

-        Grass roots green initiatives

-        Food

-        Transport

-        Campaigning

-        Energy efficiency

 

Community-owned Green Energy

-        Hoping to build community-owned dam – Jordan Dam Hydro at Blackburn Meadows

-        If built will be the largest in England

-        Fish and eel ladder also to be built

-        The electricity generated to be sold to Yorkshire Water (also reduce their carbon emissions)

 

Invest in Sheffield Renewables

-        £250,000 raised from the community

-        Projects funded by selling shares to individuals and local organisations topped up by loans

-        Shareholders have a say in how the initiative was run – 1 member = 1 vote

-        Shareholders could range from £250-£20,000

-        Those on low income could invest in instalments

 

Community Share Offer

-        Sheffield Renewables Limited will develop, own and operate multiple projects each funded with new shares

-        Returns to investors will be a “blended” return – dependent on the performance of all the projects

 

Ground Work : Jordan Dam Hydro

-        Initial survey

-        Feasibility study

-        Financial model

-        Ecological assessment

-        Flood risk assessment

-        Planning consent

-        Topological and geotechnical services

-        Contractor shortlist

-        Abstraction licence

-        Business case

-        Lease and power purchase agreement

-        British Waterways agreement

-        Invitation to tender

 

Community Share Offer – Terms

-        Interest - Target is 3% -  Paid once project has been operating 2 years

-        Social Return - All interest matched with payments to the “Community Benefit Fund”

-        Withdrawals: “Cashing in” shares - Once project has been operating 3 years and capped each year, allocated on first come first served basis

-        Tax Relief - Offer is eligible for EIS tax relief of 30% of sum invested

 

Risks and Mitigation

-        Share value and interest are dependent on scheme performance and other external factors

-        What if the scheme meets obstacles which delay or prevent construction? - investment would be held until a final decision was made to proceed with construction. If it did not go ahead within 2013, money would be returned (potentially less a £10 fee)

 

5 Reasons to invest

-        The environment

-        Building a community

-        Social enterprise

-        Alternative ways of doing business

-        Ethical and local investment

-        Pride in Sheffield

 

Timescales

-        Tender returned 18th January, 2013

-        Annual General Meeting 22nd January

-        Preferred contractor appointed end March

-         Preparatory work Spring-Summer

-        On-site work Late summer

-        Aim to be producing electricity by the end of the year

 

Discussion ensued on the presentation with the following raised/highlighted:-

 

-        Jordan Dam was on the Sheffield/Rotherham border – would welcome any promotion the project could be given – Area Assembly?

-        Possible replication of the project at Forge Island?

-        Share offer open to anyone

 

Resolved:-  (1)  That the presentation be noted.

 

(2)  That the initiative be welcomed and supported.