Scottish hydro developer Green Highland Renewables (GHR) has been acquired by Simec Atlantis Energy for a nominal sum of £1 from Simec Energy.
GHR has consented around 65 hydro schemes and built a further 45 in addition to operation and maintenance services for more than 45 projects in the UK.
Atlantis said the GHR project development team will continue to develop greenfield and brownfield hydro opportunities domestically and abroad.
Perth-based GHR’s staff will be integrated into the Atlantis’ senior management team in Edinburgh with immediate effect, it added.
“We are building a highly experienced energy development and asset management team within Atlantis and GHR brings vast experience in project feasibility analysis, design, consenting, construction management, operations and maintenance and asset enhancement and optimisation,” said Atlantis chief executive Tim Cornelius.
GHR is expected to deliver “immediate, positive cash flow…via long-term asset management, operations and maintenance contracts on hydro assets throughout the UK”, said Atlantis.
The developer will pursue “immediate opportunities to grow the revenues by providing services to other hydro assets across the current GFG Alliance portfolio”, it added.
Revenue from long-term service contracts is expected to be in the region of £4m annually.
Profits for the year ended September 2018 attributable to GHR’s project development, asset management, operation and maintenance business were around £200,000.