Scottish hydro firm gets £51m debt facility boost

Ancala Partners has raised £51 million of debt facilities for Green Highland Hydro to help develop new projects.

Green Highland Hydro is a vehicle for hydroelectric power developed by Green Highland Renewables (GHR), which was bought by Ancala on behalf of its investment funds in April 2015.

The new debt facilities will be used to support construction of new schemes and refinance capital invested in operational assets.

It has been underwritten by Allied Irish Bank and ING and raised against the company’s portfolio of 10 hydro schemes.

Four of these schemes are currently operational and the remaining six are due to be commissioned over the next 12 months.

The operating hydro projects include a 0.8MW asset in Glen Lyon, a 2MW twin turbine scheme at Keltneyburn and a 1.75MW twin turbine scheme at Ceannacroc in Glen Moriston.

Ancala managing partner Spence Clunie said the new debt facility is “testament to the achievements” of GHR over the last two years.

“Prior to our acquisition, GHR focused purely on the development of assets for third parties,” he said. “Our strategy has been to transform GHR into a leading asset owner, consolidator and operator in the UK hydro sector.”