SIMEC Atlantis Energy (SAE) is to sell its subsidiary Green Highlands Renewables (GHR) for £3 million.
The buyers are VH Auslandsbeteiligungen GmbH (VHA), a wholly-owned subsidiary of hydropower technology company Voith, which is based in Baden-Württemberg, Germany. VHA will acquire a 90% interest and Alex Reading, who was general manager of GHR of the company.
Green Highland Renewables has successfully developed and commissioned over 50 hydro schemes across Scotland. In 2020, GHR’s pre-tax profit was £796,000 and its net assets as at 30 June 2021 were £2,394,272.
SAE said the sale of GHR will simplify the structure of SAE, enable management to focus on developing the tidal and power station conversion businesses, and bring in necessary additional funding to support continuing Group operations and the development of key projects.