Investors wanted in Bainbridge hydro-electric scheme

Bainbridge's hydro-electric scheme. Photo: Anthony Harrison.

An appeal has gone out for people to invest in Bainbridge’s hydro-electric scheme.

River Bain Hydro Limited (RBH Ltd) is launching a second share offer to reduce its borrowing and pay for upgrade and maintenance work.

The organisation aims to raise between £75,000 and £100,000.

The organisation said that since its launch in 2011 the Archimedes screw on the River Bain on the outskirts of the village has generated 610,528 units (kWh) of “green” electricity, an average of 81,801 per year, which is sufficient to supply around 20 homes and help save some 300 tonnes of CO2 emission.

The project was originally funded through a variety of sources, including £50,000 from the Yorkshire Dales National Park Authority, the share of shares which brought in £198,000 and borrowing of £150,000.

In a document giving details of the share offer, RBH Ltd says that since the scheme’s launch there have been several technical issues, some of which persist, that have reduced the level of power generation.

The document states: “As existing investors will be aware the Management Group Ltd has been seeking to address these issues but have been hampered by the limited cash flow and the need to continue to service the loan taken from Charity Bank.

“Generation has been further depressed by changes to rainfall patterns reducing the usable water flow through the river.

“Some low-cost technical/maintenance works were undertaken early in 2018 but the absence of rain in the summer months left us unable to evaluate the effect of these works as soon as we would have wished.

“However, the months of August to December have shown positive power generation and hence income has been sufficient for us to believe that this is now an opportune time to seek further investment.”

The minimum amount investors can buy is £250 worth of shares.

The document says investors are unlikely to get any interest in the foreseeable future and the investment should be seen more as a social act rather than a financial investment.

Shares in RBH Ltd cannot be sold or traded and there is no prospect of them ever being worth more than their nominal value.

For more details on the scheme and share offer email or call 01969 663417.