United Kingdom-based Albion Ventures has invested US$15 million into energy developer Green Highland Renewables for a new 2 MW micro hydropower project near Loch Carron in Scotland.
The project will benefit from the United Kingdom's Feed-in Tariff program and should be completed in the first quarter of 2015, the group said.
"Albion has an impressive reputation in supporting businesses in the renewables sector, and we are very pleased to be partnering with them," GHR managing director Ian Cartwright said. "Their investment in this project is a strong boost to realizing our goal of becoming one of the leading owners and operators of small hydroelectric schemes in the U.K."
Perth-based Green Highland Renewables received a $5.27 million investment from the Scottish Equity Partner's Environmental Energies Fund in November 2012 to continue expanding its business.
The company was formed in 2007 and specializes in the development of run-of-river projects that range in capacity from 100 kW to 2 MW.
Meanwhile, the funding marks the second hydroelectric investment for Albion Ventures, which provided almost $2 million for a 300 kW hydropower project on Wales' Afon Cadair River in August 2012.
"GHR is one of the leading developers of small-scale hydroelectricity schemes in Scotland, having successfully developed many schemes over the last five years," Albion investment director Christoph Ruedig said. "We look forward to working with them on this, as well as future schemes."
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