A firm of venture capitalists has agreed to invest £9.3 million in a Scottish hydropower project.
Albion Ventures is working with Green Highlands Renewables (GHR) to fund the development of a 2MW scheme on the Allt A’Chonais river near Loch Carron in the Scottish Highlands.
It’s expected to start producing power in the first quarter of 2015 and is forecast to generate 7GWh of electricity each year – enough to supply up to 2,000 homes.
The investment is Albion Venture’s eleventh in renewable energy and second in hydropower.
Christoph Ruedig, Investment Director at Albion Ventures said: “Hydropower is the oldest renewable technology and has a strong track record of performance, which will provide attractive long-term returns for our shareholders.”