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March 20, 2017

Ancala raises £51m of debt facilities for UK’s Green Highland Hydro

UK-based investment manager Ancala Partners has raised £51m of debt facilities for Green Highland Hydro (GHH), an independent owner of hydroelectric power plants developed by Green Highland Renewables (GHR).

By Lopamudra Roy

UK-based investment manager Ancala Partners has raised £51m of debt facilities for Green Highland Hydro (GHH), an independent owner of hydroelectric power plants developed by Green Highland Renewables (GHR).

The new debt facilities will be used to support construction of the schemes and refinance capital invested in operational assets.

Ancala's managing partner Spence Clunie said: “This debt facility is testament to the achievements of GHR and successful implementation of our strategy since we acquired the business in 2015.

“Prior to our acquisition, GHR focused purely on the development of assets for third parties. Our strategy has been to transform GHR into a leading asset owner, consolidator, and operator in the UK hydro sector.”

"Our strategy has been to transform GHR into a leading asset owner, consolidator, and operator in the UK hydro sector."

GHR has seen a four-fold increase in the size of its hydroelectric power portfolio since Ancala purchased the business on behalf of investment funds in April 2015.

Underwritten by Allied Irish Bank and Dutch financial services company ING, the hydroelectric power facility has been raised against a portfolio of ten hydro assets. Four of the ten are currently operational, while the rest are expected to be commissioned over the next 12 months.

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To date, Ancala has invested more than £50m of equity into GHR and aims at growing the business.

The operating hydropower facilities in Scotland comprise a 0.8MW asset in Glen Lyon, a 1.75MW twin turbine scheme at Ceannacroc in Glen Moriston and a 2MW twin turbine scheme at Keltneyburn.

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