MORE than £100,000 worth of shares in a Ludlow hydro electric power scheme have been sold within days.

The Ludlow Hydro Electric Power Scheme sold £120,000 worth of shares in just four days.

This has raised hopes that the £365,000 target needed to build the power plant at Ludford Weir will be achieved by the end of the month.

If the money is raised in time it will enable work to start this summer and the scheme could be generating electricity by the autumn.

Planning permission has already been granted for the project and a licence has been issued by the Environment Agency.

The 30kw plant would produce enough power for 50 houses but would only be able to operate when water levels are above a height set by the Environment Agency.

Investors can buy shares for £1 each but there is a minimum shareholding of £100 and a maximum of £100,000.

Jeremy Thorp, of Energy Share a company that has been helping with the project, said that the initial response has been good and that there is a mix of larger and smaller shareholders.

Every shareholder has a vote in the Co-operative irrespective of the size of their holding.

It is anticipated that the shares will generate a 5.5% return over 20 years.

“Investors do not have to live in Ludlow but we would like as many people as possible to have an interest in their local scheme,” said Mr Thorp.

He said that it is the only community based scheme on the River Teme and the plant is designed so that fish can pass through the generator without being harmed.

“If we can raise the money by the end of March then hopefully it will be possible to have it operating this year,” Mr Thorp added.

“However, the work in the river can only be done at low water and so if it cannot be built this summer it will have to be next year.”