News Europe
New Funding Boost For Green Highland Renewables
Perth based Green Highland Renewables, the leading Scottish developer of small to medium scale hydro generation schemes, has completed a £3.3m investment led by Scottish Equity Partners's Environmental Energies Fund, alongside participation from Scottish Enterprise.
The funding will enable the company to develop its growing pipeline of hydro generation sites as well as servicing the increasing demand it is xperiencing from clients for consulting, project management and operation and maintenance services.
Green Highland Renewables was founded in 2007 and specialises in developing small scale ‘run of river’ hydro projects from about 100kW to 2MW. The company provides advice and solutions to landowners and communities through the whole process of design, finance, procurement and operation.
The hydro power market offers significant unexploited
potential. According to Scottish Renewables, Scotland currently has 1.4GW of hydro power, with growth potential, in particular for the development of small and medium sized schemes.
Ian Cartwright, Managing Director, Green Highland Re- newables, said: “We are delighted to have closed this substantial investment round. Hydro electric site development is a complex process, from prospecting to commissioning. It is therefore important that the company has access to substantial development capital to enable us to take advantage of the growing number of opportunities.”
“This injection of capital means, in addition to servicing demand from our existing clients, we can actively seek out new clients potentially requiring help with site development. We are actively looking for more schemes that we can develop with landowners. These schemes, once completed, can provide landowners with long term relatively risk free income.”
Tony Robison, of SEP said: “We consider Green Highland Renewables to be ideally placed to exploit the significant growth opportunity in the small to medium scale hydro market. Ian and the rest of the team have an excellent track record, a growing pipeline of site opportunities and have built a trusted brand in the hydro market. Our investment will enable the company to expand its operations and cement its position as the leading Scottish-based developer of run of river hydro generation schemes.”
Kerry Sharp, acting head of the Scottish Investment Bank, said: "The Scottish Investment Bank is very pleased to be supporting GHR alongside Scottish Equity Partners. Scotland has an ambition to source 100% of its electricity demand from renewable sources by 2020, and it's companies like this, which are actively seeking more ways to increase our renewable energy output, that will help us achieve that ambition."
CVC announces retirement of Chairman and appointment of Co-chairmen
CVC Capital Partners have announced that CVC's Chairman, Michael Smith will retire in January 2013. He will be succeeded by Donald Mackenzie, Rolly van Rappard and Steve Koltes who will act as co-chairmen of the group.
Steve Koltes will assume Mr. Smith's responsibilities for Investor Relations, working closely with Marc St John and Nick Archer.
Donald Mackenzie will chair the group board meetings and continue as chairman of the Investment and Portfolio Committees.
Rolly van Rappard will continue to chair the two private equity boards (Europe/North America and Asia Pacific) that are responsible for the day to day management of the private equity businesses.
CVC also announced the
appointment of Rob Squire as Senior Managing Director within the investor relations team. Mr Squire joins CVC from Coller Capital.
Michael Smith said: "Having spent 30 years in the business from its origins with Citicorp in the early 80s through to independence in 1993, and the subsequent development of the business to where it is today, I have decided to retire from CVC in January. I am very proud of what has been achieved in this time and I would like to thank CVC's investor base for their support and the firm's employees for their efforts, both of which have been a privilege to witness."
Donald Mackenzie said: "On behalf of the entire firm, I would like to express our gratitude to Michael for his important contribution to CVC and wish him a long and happy retirement."
On the firm's new structure, Mr. Mackenzie said: "CVC has always been run as a partnership, making important decisions by consensus and through an executive board structure that includes all managing partners. This has served us well in the past and will continue in the future. Steve, Rolly and I have worked together as a team for more than 20 years building the business from a start-up to one of the world's leading private equity firms. The firm has always invested heavily in recruitment and training and in our opinion has one of the best teams in the industry. This team has consistently produced best in class returns for our investors and we believe that the coming years, with so much turmoil and uncertainty about, will generate some very good new investment opportunities. We therefore look forward to the future with great confidence and enthusiasm."
Ministers welcome Hitachi new nuclear investment programme
UK Government Ministers have welcomed the announcement that Japanese technology firm Hitachi Ltd has acquired Horizon Nuclear Power, the venture set up in 2009 by RWE and E.ON, in a deal that will help the UK meet its energy security and carbon reduction goals, and bring a massive economic benefit.
In what it describes as the start of a 100 year commitment to the UK, Hitachi this morning confirmed that it intends to progress with Horizon Nuclear Power’s plans to build between two and three new nuclear plants at Wylfa on Anglesey and the same at Oldbury in Gloucestershire. In total this new infrastructure could generate power equivalent to up to 14 million homes over 60 years. The first plant could be feeding electricity into the grid in the first half of the 2020s.
Hitachi is making a strong commitment to the UK supply chain. About 60% of the value of the first plant is expected to be sourced from within the UK, more for subsequent units. Rolls Royce and Babcock International have already signed Memorandums of Understanding with Hitachi, which also today confirmed it intends to establish a module assembly facility in the UK.
Hitachi has also committed to develop the workforce in the vicinity of the build sites. Up to 6,000 jobs are expected to be directly supported during construction at each site, with a further 1,000 permanent jobs at each site once operational.
Prime Minister David Cameron said: “I am determined that Britain competes and thrives in the global race for investment. This is a decades-long, multi-billion pound vote of confidence in the UK, that will contribute vital new infrastructure to power our economy. It will support up to 12,000 jobs during construction and thousands more permanent highly skilled roles once the new power plants are operational, as well as stimulating exciting new industrial investments in the UK’s nuclear supply chain. I warmly welcome Hitachi as a major new player in the UK energy sector.”
Energy and Climate Change Secretary Edward Davey said:
“Hitachi bring with them decades of expertise, and are responsible for building some of the most advanced nuclear reactors on time and on budget, so I welcome their commitment to helping build a low carbon secure energy future for the UK. I particularly welcome Hitachi’s firm commitment to involve the UK supply chain and local workforce.
“New nuclear isn’t only about keeping the lights on and emissions down, it’s an industrial strategy with big potential wins. The Nuclear Industry Council
I’m
announcing today will play a crucial role in this, and I believe there’s the potential for the UK to become globally recognised as the go-to place for the next generation of nuclear.”
Energy Minister John Hayes said “This was a commercial deal but we have been active in impressing on all interested parties that the UK economy is open and stable and our commitment to new nuclear energy is stronger than ever.
“Next month we will publish our Energy Bill aimed at bringing about crucial reforms of the electricity market to ensure energy security by providing investors like Hitachi with the certainty they need, and to get the best long term deal for the consumer.”
Welsh Secretary David Jones said: “When I was appointed Secretary of State, I made it clear that securing a future for nuclear generation at Wylfa was my number one ambition. Today's announcement is terrific news for Anglesey and the whole of North Wales. I have visited Wylfa many times and know there is a wealth of nuclear expertise and eager young apprentices on Anglesey; they can now look forward to a secure future of well-paid, high quality employment."
Hitachi’s plan to build Advanced Boiling Water Reactors will help to bring diversity of reactor design to the UK new nuclear programme. The Office for Nuclear Regulation and Environment Agency will be asked to work with Hitachi to explore how to take forward the Generic Design Assessment of the reactor design to provide certainty that it is fit for use in the UK.
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