GFG books ticket for hydro stars
Green Highland acquisition part of 1GW renewables push across UK
GFG Alliance is to acquire UK hydro developer Green Highland Renewables from investor Ancala for an undisclosed sum.
The move is part of a wider ambition to tap 1GW of renewables generation in the UK within three years to support subsidiary company Liberty with low-carbon steel production.
The deal includes 18 operational projects totalling 23MW and a further four under development with a combined capacity of 8MW.
GFG arm Simec will take control of the assets. It is already developing the 168MW Glenshero wind farm in the Highlands and has high ambitions for its wider renewables business.
Simec is also planning to develop further hydro projects on property it owns in Lochaber alongside its Kinlochleven aluminium smelter.
Chief executive Jay Hambro said: “We are rising to the challenge of delivering one gigawatt green energy capacity to power UK industrial growth. 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.
Ancala acquired GHR in April 2015 and earlier this year secured £51m in debt facilities for Green Highland Hydro, which is the ownership vehicle for completed projects.
The unconditional deal for Perth company GHR and its 17-strong workforce is due to be completed in February.
Image: GFG goes with the flow (GHR)