Financing the Anafon Hydro
Initial project development costs, including feasibility studies, planning consent application, application for water abstraction and impoundment licences, advice on administrative structures, legal fees, cessation agreement for grid connection, etc., were covered by grants totalling £104,000, resources and support provided by Ynni’r Fro, Abergwyngregyn Regeneration Company, the Cooperative Community Energy Challenge, The National Trust, Gwynedd Werdd, the Waterloo Foundation, Wales Cooperative Centre, the Cooperative Enterprise Hub and Cooperatives UK.
John Howarth estimated the design and construction costs for the Anafon project at £1.25 million, made up as follows:
- Development costs - £60,000
- Project construction costs - £1,055,000
- Contingency - £134,000
In the event, the Anafon Hydro was constructed for a total of £1.1 M, closely in line with John Howarth’s estimates.
The capital funding for the project came from two sources. At an event in Aber, the Aber Dabba Doo, on September 13th 2014, the Ynni Anafon Energy Cyf. community share issue was launched by naturalist and broadcaster, Iolo Williams. The event attracted over 1,000 people and by the closure of the issue in March 2015, a total of £450,900 had been invested. The majority of shareholders live locally but others come from across the UK and abroad. Additional funds were raised by a bank loan of £546,100 from Charity Bank, repayable over 15 years. The loan was, in fact, fully repaid in 2022, releasing the substantial servicing costs of the loan for community benefit.
Click below to see consent documents;