RCR is looking to raise £600,000 through community shares to develop two hydro schemes on the Isle of Raasay.
by Raasay Community Renewables in Isle Of Raasay, Scotland, United Kingdom
The RCR board would like to thank you all for your contribution towards this project. We have been astounded by the support we’ve received from all over the world and the appetite shown for community owned sustainable energy projects. This total includes the cheques and bank transfers we’ve received that are not included in our Crowdfunder total. The Crowdfunder page will close on the 27th February at 12:30 but we cannot accept any more investments. Thank you.
Situated between the Applecross peninsula and the Isle of Skye in the Inner Hebrides, the Isle of Raasay (Eilean Ratharsair in Gaelic) is home to 170 people and a rich variety of wildlife and plants. Its name means ‘Isle of the Roe Deer’.
In September 2020, the community set up Raasay Community Renewables Ltd (RCR), a Community Benefit Society (FCA registration number 8459) to develop sustainable energy infrastructure projects that will contribute to supporting the local population and environment.
We are now offering the opportunity to buy shares in our community owned hydro-electric generation schemes which harnesses the combined potential of two run of river hydros - the 99KW Inverarish Burn Hydro and the 38KW Mine Burn Hydro. This is a fantastic opportunity to invest in social and environmental causes and you will receive a financial return for your support in the years to come.
Repaying pre-build costs £154,342 (CARES loan + interest)
Build costs £756,000
Working capital £47,358
Project costs £957,700
We have raised £307,700 to date
We need to raise £600,000 min £650,000 max
We have successfully secured two grants towards the project build costs. These grants demonstrate great confidence in the future of Raasay Community Hydro, and we are now offering the chance to be a part of that success to our project supporters.
Our schemes are estimated to generate, on average, 520,000kWh of electricity each year translating to annual savings of 127 tonnes of CO2 emissions. This is enough to power 144 homes!!
The Covid-19 pandemic has been a troubling time for all but as we progress out of lockdown projects such as we propose will be key to achieving the Scottish Governments green economic recovery and achieving their renewables and carbon reduction targets.
Conservative projections indicate the schemes will generate a surplus from 2024 of c£3,500 rising yearly to c£28,000 in 2031 and beyond which will support community and environmental projects. We will work with the community and local businesses to identify local uses for the electricity that we cannot export to the national grid.
With your support we are looking to raise a further £650,000 through community shares, to help bring the project to completion. We are encouraging individuals and organisations to buy shares in our schemes and help us reach our target. In doing so, you will not only become a valued member of Raasay Community Renewables, but you will be actively contributing towards the reduction of carbon emissions and helping our small community live in a more sustainable way.
Community Contributor Members = individuals living in the Raasay postcode area
Contributor Members = individuals who live off island, or incorporated organisations regardless of location.
Shares are available in increments of £25 (1 share = £25).
There is a different minimum investment for each membership category.
To make your investment, simply select the relevant investment level from the list on this page and enter your investment amount when requested to do so.
Interest payments capped at 4%*
Interest/return on investment from 2024
Withdrawal of investment from 2026
*Our aim is to pay interest at 4%. At the current Bank of England base rate of 0.1%, the maximum interest we could pay is 3.1%. These are, however, historically low rates, and we can reasonably expect them to be higher from 2022. We aim to pay back all initial investment by 2040. RCR’s Board will seek agreement on the interest payment level and the amount of investment to be returned each year at a members’ Annual General Meeting.
Please refer to our share offer document and business plan for further details. Our share offer document and business plan can be found at the bottom of this page, or on our website, where you can also find more information about the project: www.raasayrenewables.co.uk
The Community Shares Standard Mark is awarded by the Community Shares Unit to offers that meet national standards of good practice. For more information about community shares, the Community Shares Standard Mark and the Community Shares Unit go to www.communityshares.org.uk