Simec Atlantis Energy sells Green Highland Renewables
Sold: Green Highlands Renewables
Simec Atlantis Energy has sold its Perth-based subsidiary Green Highland Renewables (GHR) in a £3m deal to German energy group VH Auslandsbeteiligungen (VHA).
GHR has developed and commissioned more than 50 hydro schemes across Scotland.
Under the terms of the transaction, VHA will acquire a 90% interest in GHR and Mr Alex Reading, who was general Manager of GHR until 9 December 2021, will acquire the remaining shares.
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 .
Following COP 26, SAE said there is refreshed focus on the delivery of renewable and sustainable power generation.
“This was reflected by the commitment to the phasing down of coal and the UK Government’s announcement to put in place a ring fence in the upcoming Contracts for Difference Allocation Round 4 for the tidal stream industry. These announcements demonstrate how critical SAE’s projects are to the UK and the rest of the world.”
In 2020, GHR’s pre-tax profit was £796,000 and its net assets as at 30 June 2021 were £2,394,272.