Originally posted on 14 January 2010

Sheffield Renewables[1] has secured over £12,000 [2] through a local share offer. This money gives an important boost to plans to build a hydro electric scheme at Jordan Dam, on the Lower Don [3].

Mark Wells, Business and Funding Director for Sheffield Renewables said: ‘This is a great result. We set ourselves a target of £10,000. To exceed this is excellent and demonstrates that even at this early stage we have built up some very committed local support.’

The share offer was launched in December and closed at the end of last week. It was aimed at a select group of active volunteers and partners. This was important because, given the relatively early stage with our projects, it is important that those involved properly understand what we have to offer.

Rob Pilling, Organisation Chair, said: ‘Nobody should feel they are missing out. The move is intended to put us in a good position for ‘the big one’ later in the year, when we expect to run a much larger share offer leading directly to construction of our first energy scheme. This later offer will be open to everyone from Sheffield who is interested in helping to make this exciting project happen.’

Rob continued: ‘In preparation for the next share offer, Sheffield Renewables is building up a pledge database. We encourage anyone who is interested in investing to sign-up. We have received over £20,000 in pledges since the summer, which is a great start. We are looking to raise about 10 times this amount so there is still lots of potential for everyone to get involved.’

Those that want to can pledge via the Invest section of our website.

Chris Broome, a Sheffield Renewables investor said ‘Investing in Sheffield Renewables is about more than financial returns, it is about putting something back into our city and contributing to a more sustainable future. Sheffield Renewables is a social enterprise, working for the benefit of people across Sheffield.’

It is very important that potential investors take time to understand exactly what investing with Sheffield Renewables is about. A good start is to explore our website, where you can find more information about us and our projects. We also publish a bi-monthly e-newsletter, which you can sign-up to in seconds from our home page.

Further information on the Jordan Dam scheme has already been published in the blog article ‘Will Electricity Flow from Jordan Dam?‘

Ends

Notes:

[1] Sheffield Renewables was formed by a group of volunteers in late 2007. We are committed to improving Sheffield’s environmental sustainability. We aim to harness local enthusiasm, knowledge and skills, in creating an energetic and committed social enterprise, which develops, owns and operates renewable energy schemes.

Our schemes will contribute to city wide efforts to meet targets for reducing greenhouse gas emissions and for increasing local renewable energy provision. We will reinforce these direct carbon savings through local outreach, communications and education.

Our work also helps to strengthen social cohesion and community resilience by encouraging people to work together and to share a common purpose, as well by developing community owned assets. In pursuing our aims we work across the city for the benefit of everyone, while giving an additional focus to those areas close to our project sites.

[2] The total value of Sheffield Renewables shares purchased in December and January 2010 is £12,050. £7,000 arose from investment by 13 local individuals. A further £5,000 was invested by Key Fund Yorkshire (see their website)

[3] Jordan Dam Hydro Scheme: Sheffield Renewables’ initial assessment suggests that the scheme might cost around £450,000 to build; and could generate around 380 MWh/year. Sourcing this much electricity from hydroelectric generation rather than the national grid would save about 200 tonnes of carbon dioxide per year. Further information about our ongoing development work at Jordan Dam can be found in Jordan Dam project section of our website.

[4] To date Sheffield Renewables would like to acknowledge funding from the following organisations:

1. Sheffield First Partnership (SFP)

Further information can be found on their homepage . Information on funding given to Sheffield Renewables can be found on their webpage.

1. Key Fund Yorkshire provides development finance for social entrepreneurs, voluntary and community organisations and existing social enterprises. Further information can be found on their website.

2. Future Energy Yorkshire has been established to secure the economic opportunities arising from new and renewable energy technologies and projects across the Yorkshire and Humber region as well as to deliver greenhouse gas emissions reductions to meet regional targets. Further information can be found on their website.