Scotland’s Aberdeen Community Energy (ACE) has confirmed that its latest bid to raise cash for the Donside Hydro project has reached its target of £600,000 five days ahead of schedule, taking the total investment to £1.25m.
Launched in September last year, the bond offer for Scotland’s first urban community hydro offered investors a fixed-rate 4% return.
The bond offer followed the successful completion of the Community Share Offer, which raised £500,000 at a higher return of 7% earlier last year.
ACE's founder and chair Sinclair Laing said: “We are to say the least absolutely ecstatic to see the financial part of this project reach the finish line.
“While there’s still a lot of work to do when it comes to the riverside transformation and community objectives of the project, we have a fully functioning and fully funded hydro scheme, which is no mean feat.
“People from Aberdeen, Scotland, and beyond have showed faith in the power of community renewables to the sum of £1.25m and we’d like to thank them for their support and welcome them to the team.”
The hydro scheme is expected to generate electricity for approximately 130 Scottish homes, alongside reducing carbon emissions by 240t each year.
Since September last year, the Donside Hydro project has been generating power to sell to the national grid.
The project also aims at transforming the riverside location, while also offering a sustainable income for the local community.
Image: ACE’s Donside Hydro project in Scotland. Photo: courtesy of ACE.