A SCOTTISH renewable energy specialist has won backing from a London-based venture capitalist for a £9.3 million scheme to generate hydro-electricity on a river in the Highlands, writes Mark Williamson.
Albion Ventures has teamed up with Perth-based Green Highland Renewables to fund a hydropower scheme on the Allt A'Chonais, near Loch Carron. The two megawatt installation is forecast to generate enough electricity to power up to 2000 households. It is expected to start producing power in the first quarter of 2015.
The backers expect the project to benefit from the Feed in Tariff Scheme, under which producers of renewable energy get payments from energy suppliers. Albion Ventures said its latest investment in Scotland showed its continued commitment to the renewables sector. The company invested in an anaerobic digestion power scheme in Perth in 2010.
Christoph Ruedig, investment director at Albion Ventures said: "Hydropower has a strong track record of performance, which will provide attractive long-term returns for shareholders."
Ian Cartwright, Green Highland Renewables managing director, said: "We look forward to developing this, as well as future hydro projects, in partnership with Albion."
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