SIMEC Atlantis Energy Agrees Sale of Green Highland Renewables

Source: www.gulfoilandgas.com 12/13/2021, Location: Europe

SIMEC Atlantis Energy (SAE) has agreed the sale of its subsidiary Green Highland Renewables (GHR) for a total cash consideration of £3m, payable in full on completion. 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 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.


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