- Press Releases
November 29 (Renewables Now) - Triple Point Energy Efficiency Infrastructure Company Plc (LON:TEEC) announced on Monday the acquisition of a portfolio of six operational, run-of-river hydroelectric power generation assets in Scotland with a total installed capacity of 4.1 MW.
The British renewables investor said it acquired the assets for GBP 26.6 million (USD 35.5m/EUR 31.4m) from entities advised by the company's investment manager.
The acquired assets have been operational for five or more years and have an operation and maintenance (O&M) contract with Green Highland Renewables. The hydro facilities have a remaining feed-in-tariff accreditation period of around 14 years and a useful life of another 20 years beyond that. For the latter period, the assets would be unsubsidised and sell power to the grid through power purchase agreements (PPAs).
The buyer had identified the hydro assets as part of a pipeline of acquisitions at the time of its GBP-100-million initial public offering (IPO) in late 2020.
TEEC still has exclusivity to acquire a further three hydro assets worth up to GBP 19.7 million. That deal is projected to be completed in the first quarter of 2022.
(GBP 1 = USD 1.334/EUR 1.182)