INVESTORS in a £1.25m hydroelectric plant in Abingdon could risk losing money if power is not generated by September next year as more delays hit the project.

Directors of the scheme warned they were “up against the clock” as fresh plans for a larger generator house had to be submitted following the initial design stage.

If it is not generating by September 2016, the scheme will lose its feed-in-tariff – a Government initiative which offers cost compensation for renewable energy schemes.

The project – which received planning permission in October 2013 – would see two Archimedes screws installed at Abingdon Weir, which would generate up to 100kW of electricity, enough for 120 homes.

The new plans feature a larger generator house to accommodate the size of the turbine, the removal of a visitor centre to be replaced by boards, and a smaller fish pass.

A planned walkway has been removed and several trees will also be for the chop to allow more room for a contractor to access the site.

Not-for-profit company Abingdon Hydro has already raised nearly half the £1.25m needed but construction has been delayed as the new plans were needed after it was discovered the turbine would need more room.

However, director Penny Clover remained confident the September target would be reached.

She said: “We are expecting the contractors to come back with a price at the end of this week and everything will be in place to start construction next year.”

She added: “It is a risky venture but it is something we, as a community, are putting our best efforts into.

“We are all working very hard to minimise the risk.”

She admitted that if the scheme was not generating by September investors would receive a lower return.

A statement from the directors attached to the new plans read: “We know that the council, as well as our 400-plus members and many other people, want this project to happen, but the finances look tighter than we would like, and we are up against the clock.

“If we cannot generate power by next September we lose the current feed in tariff and members will lose most or all of their investment.

“It is high risk.”

Founding member of opposition group Protect Abingdon Weir, Mike Gould, said: “We have said from the start the project would never work and here is the proof.

“It was badly thought through and now they have had to put in plans for larger turbine screws. They are up against the clock – they have until September if they want to make it viable and they haven’t even found a contractor yet and the plans still need to be passed.”

* To comment on the consultation, which ends on November 11, go to whitehorsedc.gov.uk and search the reference number P15/V2335/FUL.