THE enterprise behind the scheme to generate hydroelectric power from the River Bain in Wensleydale is behind another in Greater Manchester.

It has launched two new community hydro share offers for both projects and Steve Welsh, managing director of H2oPE, a social enterprise, said: “It’s a lot of money to raise, but we’re confident that there are committed individuals who really support alternative energy.

“We’ve applied for advanced assurance from HM Revenue and Customs that the share offers qualify for the Enterprise Investment Scheme.

“Both our previous schemes had EIS status, so we’re hopeful that these latest schemes will qualify also and that will ease the individual’s tax burden.”

Mr Welsh said supporting micro hydros was a way of supporting alternative energy.

He said: “By investing in a sustainable environmental project, you can expect a modest return on your investment and, at the same time, know that your money will benefit the local community for years to come.”

Income tax relief is available to individuals who subscribe to a minimum investment of £500 worth of shares in any one company in any one tax year.

The relief is 20pc of the cost of the shares, to be set against the individual’s income tax liability for the tax year in which the investment is made.

Businesses which want to invest also benefit as both River Bain Hydro and Stockport Hydro may qualify for Corporate Venture Scheme relief – the corporate equivalent of EIS.

With a 45kW installed capacity, River Bain Hydro will generate about 185,000kWh per year, enough to power 40 houses, saving 80 tonnes of CO2 per year – 3,000 tonnes over an expected lifetime of 40 years.

Stockport Hydro has a combined installed capacity of 130kW and will generate enough electricity to power about 130 homes. Over a lifetime of about 40 years, 9,000 tonnes of CO2 will be saved.

Both companies will be run on a one-member one-vote principle and surplus money generated from the sale of the hydroelectricity to the grid will contribute to local environmental and regeneration projects.

Shares cost £1 each, with a minimum shareholding of 250 shares and a maximum investment of £20,000.

For details, visit at h2ope.co.uk. The share offer closes on June 9.