Cleared for launch

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A new community investment opportunity is being launched in Lewis next month that will be open to individuals, businesses and organisations.

Shares will be made available for purchase in a new venture which aims to build a prosperous future for the Galson Estate community.

Investors will have an opportunity to assist in the creation of a sustainable future for the community and, at the same time, secure an attractive return on their investment over a 20 year period.

Additional tax benefits may be available to eligible UK taxpayers through special allowances for purchasing shares in small unlisted companies.

Shares will be made available through Urras Energy Society Limited, a new company which will be officially launched at a public event on 3rd October at the Clan MacQuarrie Community Hall in Borve.

The objective of the share offer is to raise monies to support the installation of two 900kW wind turbines at Ballantrushal to operate alongside the existing turbine that was installed around 12 months ago.

These new wind turbines will be connected to the local power grid and provide clean, green electricity for up to 1,400 homes each year.

Communities in Mull, Islay, Dingwall and Balerno have already seized the opportunity and raised investment through shares to deliver their renewable energy projects.

The Society will work closely with its sponsor, community landowner Urras Oighreachd Ghabhsainn, and its subsidiary Galson Energy Ltd. in the wind turbine installations.

These organisations led the installation of the existing 900kW wind turbine at Ballantrushal and so offer a valuable track-record in this sector.

Full planning permission, a firm grid connection and land agreements are in place for all three turbines at Ballantrushal.

The first turbine has already delivered 1.5million kilowatt hours since it began operating, equivalent to supplying the electricity needs of around 350 homes.

The Society’s founder members will lead the launch event and a guest speaker who has been involved in another community share offer will explain how the process works.

Those attending will be able to ask questions and receive a copy of the share documentation.

On the same evening as the community share offer launch, Urras Oighreachd Ghabhsainn will hold its Annual General Meeting for members and also open a new Community Investment Fund for the Galson Estate area.