Simec Atlantis Energy Limited has sold it hydropower subsidiary Green Highland Renewables (GHR) for £3 million, with VH Auslandsbeteiligungen GmbH (VHA) acquiring a 90% interest in the company and Mr Alex Reading (General Manager of GHR until 9th December 2021) acquiring the remaining 10% interest.
In a statement SAE said the sale of GHR will simplify the structure of SAE, enable management to focus on developing the tidal and power station conversion businesses, and bring in necessary additional funding to support continuing Group operations and the development of key projects.
GHR provides a complete range of management, operation and maintenance solutions and services to hydro generation asset owners throughout the UK. It has consented more than 65 hydro schemes, built more than 45 hydro schemes and provides operation and maintenance services for more than 45 hydro schemes in the UK.
In 2020, GHR’s pre-tax profit was £796,000 and its net assets as at 30 June 2021 were £2,394,272.