Minutes from Community Trust Meeting

Oct 1st, 2014

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Minutes from Community Trust Meeting

A meeting of Loch Goil Community Trust took place on 15th September. These were the details regarding the Hydro Scheme which were posted to the community website.

Energy: Peter Clark informed the directors that, he and Elizabeth had
received more comprehensive information, facts and figures from the Trust’s
legal advisors, financial advisors and the Scottish Investment bank.
On the basis of the information received, legal and financial advice, a
proposal was put to the directors to approve an investment of 7.5% stake in
“The Donich Water” Hydro Scheme development. An option, to increase the
investment at a later date for example, 3 to 4 years will be available but
not appropriate at this point in time.
This motion was put the directors and a show of hands, unanimously,
approved the Trusts’ commitment to take a 7.5% investment in The Donich
Water Hydro Scheme. The Directors of The Trust have now instructed Peter
Clark and Elizabeth Bain to proceed with the investment and associated
legalities.

This is all the information we have at this stage. We would like to know more specifics regarding the amount of borrowing, the term, the interest rate, the projected income and the collateral (if any) which the loan is raised against. Another concerned resident is raising this formally with the Trust – we will report back once we hear more.

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