Infrastructure investment manager Ancala Partners LLP said it raised £51 million of debt facilities for Green Highland Hydro (GHH), the asset ownership vehicle for hydroelectric power assets developed by Perth-based Green Highland Renewables (GHR).

Ancala said the financing followed a quadrupling in the size of GHR’s portfolio since Ancala acquired Green Highland on behalf of its investment funds in April 2015.

“Since the acquisition, GHR has significantly outperformed its operational and financial targets,” said Ancala.

The debt facilities, underwritten by Allied Irish Bank and ING, have been raised against a portfolio of 10 hydro assets, of which four are operational with the remainder due to be commissioned over the next 12 months.

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

Ancala said it has invested more than £50 million of equity into GHR and is looking to grow the business.

Spence Clunie, managing partner, Ancala, 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.”

Ancala said the operating hydro projects include a 0.8MW asset in Glen Lyon, a 2MW twin turbine scheme at Keltneyburn and a 1.75MW twin turbine scheme at Ceannacroc in Glen Moriston.