One of the largest independent venture capital investors in the UK is to pump more than £3million into a hydro scheme in the Highlands.
Albion Ventures is investing in the 1MW Allt Gharagain scheme, near Achansheen in Wester-Ross, with Perth-based developer Green Highland Renewables.
Set to come online by the end of this year, the scheme will receive subsidy support under the government’s feed-in tariff scheme and generate enough electricity to power 850 homes.
The investment marks Albion’s tenth foray into the renewable energy sphere and its third investment in hydropower schemes.
“Hydropower is the oldest renewable technology and has a strong track record of performance, which will provide attractive long-term returns for our shareholders,” said Albion investment director Christoph Ruedig.
“Allt Gharagain is the second investment in partnership with GHR after our £9.3million investment in Chonais Hydro in October 2013. We look forward to working with GHR on both schemes, as well as future schemes.”
Albion Ventures, formerly known as Close Ventures, manages a portfolio of venture capital trusts worth around £230million.
It was acquired by its management team in 2009 from Close Brothers Group, and has paid out more than £117million in dividends to its shareholders to date.
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