Sales of shares in Garmony Hydro on the Isle of Mull have soared over the required minimum of £330,000 towards the total project cost of £1.1million.
All the profits from Garmony Hydro – a typically energetic initiative from Mull and Iona Community Trust – are to be distributed over decades to come by a Waterfall Fund [nice one] committee to island based groups and projects.
With overwhelming support from islanders and investors at home and far away, the £330,000 target was reached with days to spare – and, thanks to a local competition, the target has been exceeded with applications still rolling in.
The competition was launched in January to restimulate interest in the project which had understandably dropped off a bit during the Christmas period.
Local groups were offered a prize of £500 for selling the most shares prior to the deadline of 28th February. After some very hectic campaigning, an astonishing total of £51,000 was raised through the efforts of the very community groups who will eventually stand to benefit from the Waterfall Fund.
The winner of the £500 prize is Craignure Village Hall, raising £17,950.
A second prize of £300 was awarded to Tobermory Allotments and Gardens Society, who raised £13,500.
Other entrants included: Mull Rugby Club Mull Gaelic Choir, Mull Musical Minds, Mull Car Club, Lochdonhead Primary School, Aros Hall, Tobermory Harbour Association, the Deer Management Group and Mendelssohn on Mull.
The number and wide variety of the groups involved speaks volumes for the can-do community attitude on Mull – and adds to the sense of communal ownership of the farseeing hydro project.
Richard Thorne, Director of Green Energy Mull, presented the £500 prize to Craignure Village Hall Committee members, Diane Oldacre and Pete Morrisey.
Having reached the £330,000 target set by the bank – an amount that will finance the remainder of the cost, the due diligence work with the bank will be completed and the loan agreement finalised. Until then, the shares will remain on sale. At the time of going to press the total stands at an impressive £396,350 – 19% over base target. Well done Mull.
Moray Finch, Director of Green Energy Mull, says: ‘We are really pleased to have reached the first target of £330,000 and have been blown away by the late surge which resulted from the efforts of so many folk on the island helping to sell shares. We are still accepting applications and hope to increase the total further so that we can reduce the size of the bank loan which will increase the profits available to the community.’
Mull and Iona Community Trust [MICT], formed in 1997, is one of more than 200 Development Trusts across Scotland. They are community controlled for the long term benefit of their neighbourhood. MICT are involved a wide range of imaginative services and projects from a dementia singing group to the £1 million+ investment in this Garmony Hydro scheme.
Note: We have a photograph to display with this article which will be added later when we resolve a current technical problem.
