SIMEC Atlantis Energy has agreed to conditionally acquire SIMEC Green Highland Renewables (GHR) for £124.7m ($160m).

A sale and purchase agreement has been signed with the SIMEC group through the company’s wholly owned subsidiary, Atlantis Projects.

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The acquisition is expected to further enhance Atlantis sustainable energy assets and transform it into a diversified energy company.

SIMEC Atlantis Energy CEO Tim Cornelius said: “This proposed acquisition is one of the most exciting developments in the recent history of Atlantis. The management team at SIMEC GHR are world-renowned for their mini-hydro development, construction, operations and maintenance capabilities.

“They have built a unique portfolio of operating assets in the UK that cannot be replicated due to recent changes in legislation.

“Not only will this acquisition have a positive cash flow impact on our group in the first year and deliver generation diversification, but it also validates the Atlantis relationship with our strategic shareholder, SIMEC, and it gives us access to one of the most accomplished and respected hydro development teams in the UK.”

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“SIMEC GHR’s portfolio of assets has a total operational capacity of 20MW, producing 87GWh per annum.”

SIMEC GHR’s portfolio of assets has a total operational capacity of 20MW, producing 87GWh per annum, and benefits from 20-year fixed price feed-in-tariff (FiT) payments from the commercial operations date.

SIMEC GHR has one more project currently in development, which aims to increase capacity by 8MW.

Completion of the acquisition is subject to the fulfilment of a number of conditions and is expected to take place by the first quarter of next year.

SIMEC GHR managing director Stephen Hutt said: “We are delighted that Atlantis has made the decision to acquire SIMEC GHR and we look forward to working with management to build on our previous success and to diversify our development pipeline into new geographical locations.”