Hydro sales extend Virgin Money low carbon portfolio
Munergie hydro scheme
Two hydro schemes in the Highlands have been sold to an acquisitions vehicle set up to invest in low carbon energy projects.
Foster Turner Hydro, a joint venture formed by CRF Hydro Power and Turner & Co (Glasgow), is providing an undisclosed level of equity to Scottish Hydro Investments which will acquire the Glen Buck and Munergie schemes from Guinness Asset Management.
The JV owns 100% of the share capital of Scottish Hydro Investments which, in turn, owns the equity of Hydro Energy Trading and Green Energy Trading, owners and operators of the two Invergarry schemes.
An £8m long-term loan is being provided by Virgin Money, further developing the bank’s portfolio of sustainable lending and its pledge to halve the carbon impact of its loan book by 2030.