The global conglomerate GFG Alliance has announced its plan to acquire hydropower plant developer Green Highland Renewables via its subsidiary SIMEC Energy.
The unconditional agreement is part of GFG’s initiative to become “the United Kingdom’s largest provider of renewable energy” and supports an effort by fellow GFG subsidiary Liberty Steel to offset its greenhouse gas emissions.
“[The acquisition] will double the size of SIMEC’s existing portfolio,” said Jay Hambro, chief investment officer for GFG and chief executive of SIMEC Energy. “We are already one of the U.K.’s largest producers of hydro power, and with this transaction, we will expand our hydro capacity even further.”
GFG said the move will give it possession of 18 existing hydroelectric plants located within the U.K., adding about 100 MW of cumulative capacity to its portfolio. SIMEC will also continue development of eight additional projects to be located on the grounds of Scotland’s Lochaber Highland Estates.
The acquisition is expected to close by the end of February. Financial terms have not been disclosed.
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