Gupta’s GFG plans £60m Scots hydro investment

Sanjeev Gupta’s GFG Alliance said it is set to invest a further £60 million in Scottish hydro-power after completing the purchase of Green Highland Renewables.

GFG Alliance said it will make the investment over the next two years to boost hydro-power capacity in Scotland as it ramps up its programme for green-energy based manufacturing growth.

Green Highland Renewables will now be known as SIMEC Green Highland Renewables (SIMEC GHR).

The announcement follows a recent meeting with First Minister Nicola Sturgeon when GFG said it aimed to double the £500 million it had already invested in the Scottish economy.

“Hydro is a core element in GFG’s strategy to expand its total UK green energy capacity for industry to 1Giga-Watt over the next three years,” said GFG.

“The GHR acquisition will trigger a programme to build or upgrade 12 hydro schemes in the Highlands by 2021, some of which will be on GFG’s 114,000-acre estate where it also plans to build a 400-worker alloy wheels factory next to its aluminium smelter at Fort William.

“GFG is reviewing offering ownership opportunities to local communities as part of its broader community involvement.

“SIMEC GHR’s team of designers, engineers and project managers – based at Perth and Dingwall in Scotland – is also likely to work with GFG to develop hydro projects outside the UK, including a proposed scheme to build largescale pumped storage hydro capacity in South Australia, where GFG’s largest steelworks is located.”