The deal will be complete by the end of February 2018 and includes 18 hydro-electric power stations in the Scottish Highlands along with a 17-strong team of engineers, operators and designers.
In addition, Simec has revealed plans to build a total of 1GW of renewable power generation capacity in the UK over the next three years as part of Liberty Steel's target to develop five million tonnes of low-carbon "GREENSTEEL" production in the UK by 2022.
-- Advertisement --
Simec said it will develop a further eight hydro power plants on its Lochaber Highland estate lands, in addition to the 18 existing power stations in GHR, with the planning process due to start in 2018.
Jay Hambro, GFG Alliance chief investment officer and chief executive of SIMEC Energy, said: "We are rising to the challenge of delivering one gigawatt green energy capacity to power UK industrial growth. That will double the size of SIMEC's existing portfolio. We are already one of the UK's largest producers of hydro power and, with this transaction, we will expand our hydro capacity even further.
"We are delighted to welcome the excellent Green Highland Renewables team to the GFG family."
(LM/MH)
