Simec Energy, part of the global GFG Alliance founded by the British Gupta Family, has signed an unconditional agreement to buy Green Highland Renewables (GHR) from Ancala Partners.
GHR has been developing run-of-river hydro schemes since 2007. The company works with landowners, government agencies, utility companies, communities, and multinational businesses to provide turnkey solutions to deliver hydropower potential.
The company has so far delivered more than 45 hydro schemes internationally, majority of which it continues to operate and maintain.
GHR ‘s schemes, ranging from initial planning through to building and operating projects of all sizes and complexities.
The transaction, which is expected to complete by the end of February 2018, will add 18 Highland hydropower schemes and 17 engineers, operators and designers to Simec’s business.
Simec said it will also develop an additional eight hydro power plants on its Lochaber Highland estate lands, with the planning process scheduled to begin in 2018.
The company is planning to build a total of 1GW of renewable power generation capacity in the UK within three years.
Simec’s portfolio includes the Lochaber and Kinlochleven stations with a total capacity exceeding 100MW.
The company is currently in consultation over plans for a £170m, 164MW wind farm at Glenshero, Highlands.
Simec said the project will be the UK’s first large scale subsidy free wind farm. A planning application for the development is expected to be submitted in Spring 2018.
GFG Alliance chief investment officer and SIMEC Energy chief executive Jay Hambro 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.”