THE race is on to raise more than £130,000 in little over three weeks to install a hydro-powered turbine in West Oxford.

Charity West Oxford Community Renewables needs to raise £250,000 by May 7 for the Osney Lock project.

People who give cash will have it invested and cash from electricity generated by the turbine will be returned to them.

The charity will take out a loan to cover the rest of the £500,000 turbine but the cash is needed by May 7 to coincide with a major weir project.

The Environment Agency – which would buy the electricity – is replacing the buck gates at the canal.

It would be the first community-owned hydro-power turbine to be installed on the River Thames and would generate enough electricity for 50 homes a year.

About £118,000 has been raised since the campaign launched on Monday.

Charity director Barbara Hammond said: “We have had a lot of support.

“Our website went live on Monday evening and we have already had pledges and cheques through the post.

“It will save 83 tonnes of carbon dioxide a year and generate a surplus of around £2m which we can donate to the community.”

The project is offering a four per cent return each year until 2033 and repayment of the original investment after 20 years.

It is hoped the turbine will last up to 40 years and a 50-year lease has been signed with the agency.

A visitor centre would also be built to education visitors about the scheme, to generate about 159,000KWh a year.

Oxford City Council has given planning permission.

Executive board member for cleaner, greener Oxford John Tanner said: “I hope everyone will dig deep into their pockets to make sure this sustainable project is a fantastic success.

“I am pleased to see the old, inefficient power station in Didcot close but it would be no use closing that down if we didn’t create an equal amount of renewable energy to make up the gap.”

The turbine will go by a tiny island – called an eyot as it is inland – and this will require a large cedar tree to be removed.

The charity first planned to keep the tree but the council said it should be cut down to prevent it being harmed by construction.

If the cash is raised, work will start this winter and begin generating power in February 2014.