MORE than 250 people have invested a total of £500,000 in a hydroelectric power plant for the Thames at Abingdon – and there are just days left for others to invest.

Not-for-profit company Abingdon Hydro has already raised nearly half the £1.25m it needs to build the facility after launching public shares on November 1.

The project will see two Archimedes screws installed at Abingdon Weir, which would generate up to 100kW of electricity, enough for 120 homes.

Investors will get a four per cent return on their investment once the plant starts generating power, which will be sold to the National Grid for £120,000 a year.

That means someone who invested £1,000 will get £40 back a year. The company will close the share offer next Saturday, but said: “With post being what it is this time of year we are not too fussy about the exact date”.

Director Penny Clover said: “We hope to see as much of the capital needed to build next year coming from investors rather than more expensive loans.

“This scheme ticks a lot of boxes – green, ethical, local investment in sustainable energy with an attractive and educational feature alongside the river in Abingdon.”

A similar, £650,000 turbine at Osney Lock, Oxford, delayed by flooding this year, is due to start generating by Christmas.

Work also began on a £180,000 hydro-electric scheme at the Blenheim Palace estate in May.

The next step for the Abingdon project will be the company’s AGM on January 23 for all members to review the plans for construction in 2015.

Details are available at abingdonhydro.org.uk

 

 

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