The renewable energy project is being developed by Aberdeen Community Energy (ACE), a community benefit society set up by members of the Donside Community Association. The project is expected to generate around £30,000 each year for community initiatives and enough electricity to power approximately 130 homes annually.
The Donside Hydro.will draw water from the River Don to generate clean energy that will then be sold to the national grid. ACE states that surplus profits from the initiative will be channelled into a community fund called Sinergy, which will provide funding for social and environmental projects focused on benefiting deprived local communities.
Sinclair Laing, Founding Director at ACE said: “The Donside Hydro will help Scotland on its journey towards 100% renewable electricity by 2020, and it will also create a sustainable community that truly works for its inhabitants and riverside setting. We’re already working closely with members of the Donside and Tillydrone areas to identify priorities for the community fund, with our immediate focus being on improving the riverside for public use.”
Construction is scheduled for the end of May 2016. Over the coming weeks, ACE will be launching a Community Share Offer, offering an ethical, low-risk investment opportunity to members of the immediate community and the rest of Scotland. According to the organisation, investors could expect a 5% return on their investment.
ACE also invites conversations with businesses or individuals who may be interested in supporting the initiative financially in the short term, as either a lender or investor.