How was the scheme developed?
The project was successfully funded through a community share offer which was launched on 7 December 2020 to raise the full £235,000 needed for the hydro construction. It was hugely successful receiving over 200 applications from over 150 different households in only a couple of months.
It realised over £155,000 from Sleat residents themselves, and more than £200,000 in total came from the Skye and Lochalsh area. Everyone who invested in Cumhachd Shlèite became members of the society with equal voting rights. They will receive interest payments on their investment from 2023.
The project also received funding through a Local Energy Scotland CARES grant plus development support and a micro grant from and a Community Shares Scotland
All profits from the sale of electricity will be used for community benefit. The project is set to generate over £150,000 over the first 20 years, with the micro hydro scheme expected to last for significantly longer.
The project’s long-term legacy will be the sustainable generation of hydro electricity for decades. In future, subject to legislative and regulatory changes, it is hoped to be able to provide local households with electricity direct, rather than selling it to an energy supplier through the National Grid.
