The Courier & Advertiser (Fife Edition)
New owner for hydro firm Green Highland Renewables
GREEN POWER: Perth firm has been developing hydro schemes since 2007
A firm which aims to become the UK’s biggest provider of renewable energy has acquired a Perth energy company.
SIMEC Energy, part of the GFG Alliance, has entered into an agreement to acquire Green Highland Renewables (GHR), which has been developing hydro schemes since 2007.
The purchase of GHR from Ancala Partners includes 18 hydro-electric power stations in the Highlands and a highly-regarded team of 17 engineers, operators and designers.
The acquisition, for an undisclosed sum, will complete by the end of February.
GHR’s teams in Perth and Dingwall have built a strong reputation for engineering expertise and close working with local communities living around hydro projects.
To date the company has delivered more than 45 hydro schemes internationally, many of which it continues to operate and maintain.
GHR, which has its headquarters at Inveralmond Industrial Estate, was taken over by London-based infrastructure fund Ancala Partners in 2015.
Managing director Ian Cartwright said: “We have enjoyed working with Ancala Partners over the past three years.
“Ancala saw the opportunity to grow GHR through targeted investment and operational improvement.
“The access to capital and operating expertise they have provided have allowed us to transform GHR into the UK’s leading independent owner and operator of hydro power plants.”
SIMEC seeks to build a total of one gigawatt of renewable power generation capacity in the UK within three years.
It plans to develop a further eight hydro power plants on its Lochaber Highland estate lands, with the planning process due to start next year.
Jay Hambro, chief executive of SIMEC Energy, said: “We are rising to the challenge of delivering one gigawatt green energy capacity to power UK industrial growth.
“That will double the size of SIMEC’s existing portfolio. We are already one of the UK’s largest producers of hydro power and, with this transaction, we will expand our hydro capacity even further.”