UK-based independent venture capital investor Albion Ventures has invested £3.1M in partnership with Perth-based developer, Green Highland Renewables (GHR), to fund development of a 1MW hydropower scheme on the Allt Gharagain near Achansheen, in the Scottish Highlands.
This investment is Albion's tenth investment into renewable energy and the third investment in a hydroelectric scheme, underlining Albion's strategy of expanding into this sector.
“We are excited about partnering with Green Highland Renewables as we continue to invest in small-scale hydropower," said Christoph Ruedig, Investment Director at Albion Ventures. "Allt Gharaghain is the second investment in partnership with GHR after our £9.3M investment in Chonais Hydro in October 2013. We look forward to working with GHR on both schemes, as well as future schemes."
The new hydro scheme will benefit from the Feed-in-Tariff regime and is expected to generate its first electricity in Q4 2014.
