Investment firm Albion Ventures LLC has agreed to supply US$5.1 million to developer Green Highland Renewables for a new 1 MW small hydropower project in the Scottish highlands.
The investment is the third into the hydroelectric sector for Albion Ventures, which earlier announced its support for the 2-MW Chonais project near Loch Carron in Scotland and a 300 kW project in Wales’ Gwynedd County.
The project near Loch Carron is also being developed by Green Highland Renewables, which received funding from the Scottish Equity Partner’s Environmental Energies Fund in November 2012 to continue expanding its business.
“This marks our third investment in hydropower and highlights Albion’s continued commitment to the renewables sector,” Albion Ventures investment director Christoph Ruedig said. “Hydropower is the oldest renewable technology and has a strong track record of performance, which will provide attractive long-term returns for our shareholders.”
The plant will benefit from the United Kingdom’s feed-in tariff (FiT) program and is expected to be commissioned by the end of this year.
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