SIMEC Atlantis Energy Limited Sale of Green Highlands Renewables (3612V)
December 13 2021 - 2:00AM
UK Regulatory
TIDMSAE
RNS Number : 3612V
SIMEC Atlantis Energy Limited
13 December 2021
13 December 2021
SIMEC Atlantis Energy Limited
("SAE", the "Company" and, together with its subsidiaries, the
"Group")
Sale of Green Highlands Renewables
SAE announces that it has agreed the sale of its subsidiary
Green Highlands Renewables (GHR) for a total cash consideration of
GBP3m, payable in full on completion. GHR has successfully
developed and commissioned over 50 hydro schemes across Scotland.
Under the terms of the transaction, VH Auslandsbeteiligungen GmbH
(VHA) will acquire a 90% interest in GHR and Mr Alex Reading
(General Manager of GHR until 9(th) December 2021) will acquire a
10% interest.
The sale of GHR will simplify the structure of SAE, enable
management to focus on developing the tidal and power station
conversion businesses, and bring in necessary additional funding to
support continuing Group operations and the development of key
projects . Following COP 26, there is refreshed focus on the
delivery of renewable and sustainable power generation. This was
reflected by the commitment to the phasing down of coal and the UK
Government's announcement to put in place a ring fence in the
upcoming Contracts for Difference Allocation Round 4 for the tidal
stream industry. These announcements demonstrate how critical SAE's
projects are to the UK and the rest of the world.
In 2020, GHR's pre-tax profit was GBP796,000 and its net assets
as at 30 June 2021 were GBP2,394,272.
Enquiries:
SIMEC Atlantis Energy Limited +44 (0) 7739 832 446
Sean Parsons, Director of External Affairs
Investec Bank plc +44 (0) 20 7597 5970
(Nominated adviser and Joint Broker)
Jeremy Ellis
Ben Griffiths
Shalin Bhamra
Arden Partners plc +44 (0) 20 7614 5900
(Joint Broker)
Ruari McGirr
Richard Johnson
Simon Johnson
Notes to Editors
SIMEC Atlantis Energy
SAE is a global developer, owner and operator of sustainable
energy projects with a diverse portfolio in various stages of
development. This includes a 77 per cent. stake in the world's
largest tidal stream power project, MeyGen, 100 per cent. of the
220MW Uskmouth Power Station conversion project and 100 per cent.
of Green Highland Renewables, a leading developer of mini-hydro
projects.
https://www.simecatlantis.com/
More on the MeyGen Project:
https://simecatlantis.com/projects/meygen/
More on the Uskmouth Project:
https://simecatlantis.com/project-development-operation/simec-uskmouth-power/
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END
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