GSSG has to date been funding the early stages of the project feasibility through a number of grants and donations. If planning permission is successfully achieved the implementation of the project can start. In order to build, operate and maintain the Goring Hydro Electricity project, a substantial amount of money will need to be raised. We intend to seek financing through several different routes:
- Commercial Loans from an ethical bank such as Triodos or the Cooperative who have experience in and support community energy projects
- A community share issue allowing individuals to invest in the project
- Corporate Sponsorship allowing local companies and businesses with a footprint in and around the area to get involved
- Grants that, for example, have a specific focus on the environment or small-scale community renewable energy projects
We expect that the majority of the money will need to be in the form of a commercial loan, however we do not underestimate that enthusiasm for the community share issue could be high.
The project team is currently in early discussions with several banks regarding a loan and this could be critical for the success of the project. Loans (or similar financial products) from other organisations or individuals may be utilised and this is being further investigated.
Community Share Issue
Community share issues are a common form of finance for cooperatives and similar organisations. This type of investment in community projects is often referred to as a social investment, meaning that financial return may not be the main driver for the investor. Individual investors will be able to invest up to a cap of £20,000 per person. Whilst interest on investment is not guaranteed, if the project reaches certain profit targets an annual interest payment may be made to investors. It is also intended that a percentage of profits be returned to the community for sustainability projects. Further details will be outlined in due course.
Many Companies now operate corporate sustainability programmes, which seek to support sustainability initiatives in the local area. We intend to contact companies with a footprint in the Berkshire and Oxfordshire area to determine interest in investing in the Goring Hydro Project. If your company is interested in helping us make this project a reality, please contact us.
Several grants have already been utilised to carry out early feasibility studies. We will seek out further grants and donations to take the project to the next stage.