Sanjeev Gupta’s GFG Alliance is pledging to invest a further £60 million in hydro-power north of the Border after sealing a deal to buy a green energy developer.
The industrial magnate, who recently said he expects to double his group’s investment in Scotland’s metals and green energy sectors to more than £1 billion in the “medium term”, has completed the acquisition of Green Highland Renewables. The business, which has offices in Perth and Dingwall, will now be known as SIMEC Green Highland Renewables (GHR).
Hydro power is a core element in GFG’s strategy to expand its total UK green energy capacity for industry to one gigawatt over the next three years.
The acquisition will trigger a programme to build or upgrade 12 hydro schemes in the Highlands by 2021, some of which will be on GFG’s 114,000-acre estate where it also plans to build a major alloy wheels factory next to its aluminium smelter at Fort William.
SIMEC GHR’s team of designers, engineers and project managers is also likely to work with GFG to develop hydro projects outside the UK.
Ian Cartwright, GHR operations director, said: “We’re very excited about becoming part of the GFG Alliance as it will not only enable us to accelerate our existing plans but will give us opportunities to create new projects, both in the UK and further afield.
“Our team has a great track record for developing hydro projects and we’re confident we can achieve even more by working within an ambitious organisation like GFG.”