Metals group GFG buys Scots hydro power firm

Steel tycoon Sanjeev Gupta’s GFG Alliance business, which bought the aluminium smelter plant in Fort William last year for £330 million, has struck a deal to buy a Scottish renewable energy firm.

GFG’S SIMEC Energy arm has agreed to acquire Green Highland Renewables (GHR), which operates 18 hydro power schemes in the Highlands, from investment manager Ancala Partners.

SIMEC also announced plans to develop a further eight hydro power plants on land it owns around Lochaber.

GHR, which is based in Perth and Dingwall, was launched in 2007 and has developed more than 45 hydro schemes around the world. The acquisition is due to complete by the end of February.

Jay Hambro, GFG’S chief investment officer and SIMEC’S chief executive, said: “We are already one of the UK’S largest hydro power producers and this transaction will expand our capacity even further.”