Simec Atlantis has agreed a takeover of Green Highland Renewables, a hydro power developer. A deal worth an initial £30 million between the two companies was announced almost 12 months ago but Atlantis pulled out in June. Green Highland is controlled by Simec Energy, the largest shareholder in Atlantis with a 49.99 per cent stake. Simec is part of the GFG Alliance, the industrial conglomerate made up of businesses owned by Sanjeev Gupta, the steel billionaire, and his family. The latest transaction between Atlantis and Green Highland will result in a token £1 changing hands. Green Highland, based in Perth and with a staff of 23, has developed dozens of hydro power schemes around the UK and provides operations and maintenance services. An infrastructure fund has acquired Green Highland’s operational and construction assets and retained the firm on a long-term management contract for those sites.
Times 1st Nov 2019 read more »