Simec Atlantis Energy remains in “a good financial position” despite reporting more than £3 million in pre-tax losses for the first half of 2019, according to the boss of the Highland tidal firm.
Simec, a member firm of GFG Alliance, has announced that it will pay Simec Atlantis Energy £5 million to “extricate” itself from a deal to buy a Highland hydro firm.
Analysts have stated that Simec Atlantis has now raised enough funds to complete its proposed £124.7m takeover of Green Highland Renewables (GHR).
A Highland hydropower developer will become part of the Gupta family’s business empire next year.
A Scottish hydro-energy developer which recently warned the sector faces a countdown to extinction is preparing to start work on a new £13.6million Highland project. Bosses at Green Highland Renewables (GHR) said its new project at Loch Eilde Mor, near Kinlochleven, will be one of the last hydro schemes commissioned in the region due to UK Government cuts to subsidies. Under the feed-in tariff (FiT) system, small-scale solar, wind and hydro schemes have received fixed-rate payments for the electricity they generate since 2010.
Renewable energy developer Albion Community Power (ACP) yesterday secured a further £10million investment as it seeks to build a £100million fund for small-scale biogas, hydro-electric, solar and wind projects. Greater Manchester Pension Fund (GMPF) is pumping the latest cash into the fund, which in February raised £50million from the Edinburgh-based UK Green Investment Bank (GIB) and £10million from the Strathclyde Pension Fund. When he unveiled the fund back in February, the-then business secretary Vince Cable said it would provide equity finance of between £1million and £10million community-scale schemes, including run-of-river hydro schemes, wind turbines on brownfield sites such as industrial estates, and biogas produced at landfill sites and from anaerobic digesters.