- 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.