Hydropower firm boosted by £3.3m funding
PERTH- based Green Highland Renewables, which is involved in developing small and mediums c a l e hyd r o p owe r generation schemes, has raised £3.3 million from Scottish Equity Partners’ Environmental Energies Fund and taxpayer-funded Scottish Enterprise.
The deal will give the two investors a “large majority” stake in the business, Green Highland Renewables (GHR) managing director Ian Cartwright said.
He added that the £3.3m was split “prettywell 50-50” between SEP’s Environmental Energies Fund and economic development agency Scottish Enterprise.
MrCartwright noted that Alastair Riddell and Iain Wotherspoon, who cofoundedGHRin 2007, owned the majority of the hydroscheme specialist prior to the £3.3m equity injection.
MrWotherspoon founded property group Kilmartin, which collapsed in 2010 amid the downturn in its sector.
The Forestry Commission is among the clients of GHR, which specialises in “runof river” hydroprojects ranging from about 300 kilowatts to twomegawatts.
GHR, which has 12 employees, also does work for various landowners.
It offers advice and solutions to landowners and communities through the process of design, finance, procurement and operation of hydro projects.
Mr Riddell and MrWotherspoon will have minority stakes following the £3.3m injection of growth capital, Mr Cartwright noted, with Mr Riddell stepping down as an executive director.
Mr Cartwright, who was appointed managing director last November, said: “Hydroelectric site development is a complex process, from prospecting to commissioning. It is therefore important that the company has access to substantial development capital to enable us to take advantage of the growing number of opportunities.
“This injection of capital means, inaddition to servicing demand from our existing clients, we can actively seek out new clients potentially requiring help with site development.”