21 October 2013
Albion Ventures (‘Albion’), one of the largest independent venture capital investors in the UK, has invested £9.3 million in partnership with Perth-based developer, Green Highland Renewables (‘GHR’), to fund the development of a single 2MW hydropower scheme on the Allt A’Chonais, close to Loch Carron in the Scottish Highlands.
The scheme will benefit from the Feed-in-Tariff regime and it is expected to generate its first electricity in Q1 2015. The installation is forecast to generate an average 7GWh of electricity per year, enough to power up to 2,000 households.
This investment is Albion’s eleventh investment into renewable energy and second investment into a hydroelectric scheme, and underlines the firm’s strategy of expanding into this sector.
Christoph Ruedig, Investment Director at Albion Ventures said: “We are excited about partnering with Green Highland Renewables as we continue to diversify our holdings across a range of renewable energy technologies. GHR is one of the leading developers of small-scale hydroelectricity schemes in Scotland, having successfully developed many schemes over the last 5 years. We look forward to working with them on this, as well as future schemes."
“This marks our second investment in hydropower and highlights Albion’s continued commitment to the renewables sector. Hydropower is the oldest renewable technology and has a strong track record of performance, which will provide attractive long-term returns for our shareholders.”
Ian Cartwright, Managing Director at Green Highland Renewables said: "Albion has an impressive reputation in supporting businesses in the renewables sector and we are very pleased to be partnering with the team. Their investment in this project is a strong boost to realising our goal of becoming one of the leading owners and operators of small scale hydroelectric schemes in the UK. We look forward to developing this, as well as future hydro projects, in partnership with Albion.”
For further enquiries, please contact:
Christoph Ruedig Investment Director, Albion Ventures LLP 020 7601 1850
Patrick Evans / Kit Dunford Citigate Dewe Rogerson 020 7638 9571
Ian Cartwright, Managing Director, Green Highland Renewables Ltd 01738 493 110
Notes to Editors:
About Albion Ventures LLP
Albion Ventures LLP is a venture capital investor specialising in VCTs with around £230 million under management. The business of Albion Ventures was formerly known as Close Ventures. It was acquired by its management in early 2009 from Close Brothers Group plc. To date its VCTs have paid out over £117 million in dividends to shareholders. Albion Ventures looks to invest £1-10m in a wide range of growing businesses, from technology-oriented companies to asset-based businesses. Albion Ventures is authorised and regulated by the Financial Services Authority. Albion Ventures recently launched Albion Community Power (ACP), a power generation company designed to offer investments relief from inheritance tax after just two years. ACP aims to be a major producer of community scale renewable energy by raising up to £100 million to power some 35,000 UK homes.
About Green Highland Renewables Limited
Green Highland Renewables Limited (GHR) was founded in 2007 and specialises in the development of small scale hydroelectric schemes. Since 2007, GHR has worked on a wide range of run of river schemes at every phase of the development process, from initial concept through to consent, construction and operation, as well as providing remedial works and scheme optimisation. At the end of last year, the company raised £3.3m of capital in a deal led by Scottish Equity Partners to develop its growing pipeline of hydro generation sites. The funding of the Allt A’Chonais scheme demonstrates GHR’s progress in taking this valuable pipeline of schemes to construction.
15 November 2011
New Managing Director Ian Cartwright at Green Highland
Tel: 01738 493110
Fax: 01738 620735