UK-based venture capitalists have agreed to pay £3.1 million to fund a hydropower project in the Scottish Highlands.
The 1MW plant, which will be built by Green Highland Renewables, is expected to generate 3.1GWh of electricity every year – enough to power up to 850 households.
It is Albion Ventures’ tenth investment in renewable energy and the third investment in a hydropower project.
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.”
The plant is expected to generate its first electricity by the end of this year.