SIMEC Atlantis sells mini-hydro subsidiary to simplify structure

The Ceannacroc – 1 hydropower plant. Source: Green Highland Renewables Ltd.

December 13 (Renewables Now) - SIMEC Atlantis Energy Ltd (LON:SAE), the sustainable energy company that develops the MeyGen tidal power project in Scotland, has agreed to divest its mini-hydro subsidiary Green Highlands Renewables (GHR) for GBP 3 million (USD 4m/EUR 3.5m) in cash.

Under the terms of the deal, VH Auslandsbeteiligungen GmbH (VHA) will buy a 90% stake in GHR, while Alex Reading, who was the general manager of GHR up until December 9, 2021, will acquire a 10% interest in the firm.

GHR has successfully developed and commissioned more than 50 hydro projects across Scotland. Its divestment will simplify the group’s structure and pave the way for the management team to focus on developing Atlantis’ tidal and power station conversion businesses, the announcement says.

Last year, GHR booked a pre-tax profit of GBP 796,000. As at end-June 2021, its net assets amounted to GBP 2.39 million.

(GBP 1.0 = USD 1.323/EUR 1.173)

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