Settle Hydro Ltd has raised the £100,000 it needs from the community to take its green hydro-electricity project forward.

Monday was the deadline for buying £1 shares in blocks of 250.

It will cost around £300,000 to install the 50KW hydro station and a modern version of the Archimedean screw, which will be powered by water from the River Ribble near Bridge End Weir in Settle.

A second planning application for the scheme is with Craven District Council. The first plans were refused by officers because not enough information was given on the potential effect on migratory fish.

Settle Hydro Ltd director Ann Harding said: “We’re absolutely delighted. People have been purchasing shares all weekend. We’ve been inundated with support.”

Steve Welsh, managing director of Water Power Enterprises (h2oPE) which will manage the project, said: “We’ve had tremendous support from the people of Settle. We know anglers are concerned about the impact on fish – as are we. The Ribble is one of the top five salmon rivers in the UK and because of this we’ve spent a lot of time and effort, in consultation with the Environment Agency, ensuring the hydro scheme will not have any negative impact on the migration season.

“We are confident a final independent report, due any day now, will demonstrate how much we can improve the efficiency of the fish pass.”

The project has also received support from the Co-operative Group.

Paul Monaghan, the group’s head of social goals and sustainability, said: “The Co-operative Group has worked hard to support this innovative scheme, with our bank looking to provide funding, our food business looking to take any surplus electricity and our Co-operative Fund helping with the establishment of community-ownership.”

The Co-operative Group has given Water Power Enterprises (h2oPE) a £48,000 grant to develop three community-led renewable energy projects, including the Settle Hydro project.