MORE than £300,000 has been raised to build a hydro-power scheme by Caversham Weir later this year.

Reading Hydro Community Benefit Society (CBS) has raised £392,443 of its £700,000 target, through its share offer.

The share offer opened on the December 30, 2019 and in just over 3 weeks – half-way through - Reading Hydro has managed to reach 56 per cent of its target.

READ MORE: Hydro-electric scheme on the River Thames by Caversham Weir to be built in 2020.

The share offer is still open for another 3 weeks and will close on the February 14, 2020.

The share offer will fund a hydro-power scheme on the river Thames by Caversham Weir, to be built in 2020.

Two Archimedes Screw turbines should generate about 320MWh of renewable electricity each year, for decades to come.

This is enough to supply about 90 average homes.

It will also pay for improvements to the local environment around View Island, including a new fish pass to help fish and eels move up the river.

Sophie Paul, Chair of Reading Hydro CBS, said: “We are thrilled that so many local people have invested in Reading Hydro.

"There are still 3 weeks to go for our share offer, and we are hopeful that we can reach our target of £700,000."

READ ALSO: Caversham Post Office to reopen at new location.

The hydro-power scheme will be a community-owned asset.

After operating costs have been covered and a return paid to shareholders, any profits will support other local action to tackle climate change.

Individuals and organisations can buy between £75 and £70,000 of shares at:

Andy Tunstall, who looks after Strategy & Marketing for the Society, said: “Over the last couple of weeks I have been out and about talking to the local community about this project - at Community Centres, offices around Reading and at Reading Farmers Markets - there is a real interest in this project and an enthusiasm for what we are trying to do."