Bond boosts Aberdeen hydro
£600,000 target reached six days ahead of schedule for Donside project
Aberdeen Community Energy (ACE) has raised £600,000 through a bond offer to help fund the Donside hydro scheme, bringing total investment in the project to £1.25m.
The company said the £600,000 target was reached five days ahead of schedule.
The bond was offered to investors at a fixed-rate 4% return.
It was launched in September 2016 and followed the successful completion of a community share offer, which raised £500,000 at a higher return of 7%.
ACE 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.”
Image: Aberdeen Community Energy