UK investment firm Albion Ventures has invested £9.3M in partnership with Perth-based developer Green Highland Renewables (GHR) to fund the development of a 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.
This investment is Albion's eleventh investment into renewable energy and second investment into a hydroelectric scheme, thus underlining Albion's strategy of expanding into this sector the company said in a statment.
“We are excited about partnering with Green Highland Renewables as we continue to diversify our holdings across a range of renewable energy technologies," commented Christoph Ruedig, Investment Director at Albion Ventures. "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."
Ian Cartwright, Managing Director at Green Highland Renewables, added: "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."
