Atlantis, further to the announcement on 28 June 2019, is delighted to announce the acquisition of the Green Highland Renewables project development, asset management, operation and maintenance business (“GHR”) from SIMEC Energy. GHR is a profitable business with high growth prospects which provides a complete range of management, operation and maintenance solutions and services to hydro generation asset owners throughout the UK. GHR has consented more than 65 hydro schemes, built more than 45 hydro schemes and provides operation and maintenance services for more than 45 hydro schemes in the UK.
Highlights
- Atlantis will acquire 100% of GHR for a nominal cash sum of £1.00 from SIMEC Energy
- The GHR business is expected to deliver immediate, positive cash flow to Atlantis via long term asset management, operations and maintenance contracts on hydro assets throughout the UK
- The GHR senior management team will be integrated into the Atlantis senior management team with immediate effect
- GHR will retain its independent branding and will continue to service more than 45 hydro clients operating as GHR. Revenue growth will be achieved through the provision of services to existing Atlantis portfolio assets such as MeyGen and Uskmouth as well as other assets within the broader operational SIMEC Energy portfolio
- An infrastructure fund has acquired all of GHR’s operational and construction assets from SIMEC Energy and the infrastructure fund has entered into a long-term contract with GHR to provide management services and maintenance contracts on all of these assets
- In addition to growing its O&M and asset management services agreement through the UK, the GHR project development team will continue to develop green-field and brown-field hydro opportunities domestically and abroad for Atlantis
