LONDON, UK: SIMEC Atlantis Energy Limited (SAE) has agreed the sale of its subsidiary Green Highlands Renewables (GHR) for a total cash consideration of £3 million, payable in full on completion.
Green Highlands Renewables (GHR) has successfully developed and commissioned over 50 hydro schemes across Scotland. Under the terms of the transaction, VH Auslandsbeteiligungen GmbH (VHA) will acquire a 90% interest in GHR and Mr Alex Reading (General Manager of GHR until 9th December 2021) will acquire a 10% interest.
The sale of Green Highlands Renewables (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, 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.
SIMEC Atlantis Energy (SAE) is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent stake in the world’s largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent of Green Highland Renewables, a leading developer of mini-hydro projects.