Monetary loan

Invergarry hydropower projects become new ownership thanks to £ 8million Virgin Money loan

The Highlands hydropower projects, which will power 2,600 homes, are due to be upgraded by their new owners following the injection of a £ 8million long-term loan from Virgin Money.

Virgin Money, owner of Scottish bank Clydesdale Bank, has previously backed CRF Hydropower Limited. It involved a multi-million pound package that helped grow its hydropower portfolio across Scotland. Today, CRF Hydropower Limited owns and operates 11 hydroelectric projects with a combined capacity of over 7.7 MW. Together with Turner & Co (Glasgow) Ltd they already jointly own an additional hydropower project, which is currently under construction. This new agreement will be both their second and third joint venture, further supporting each company’s desire to reduce its carbon emissions.

Roy Foster of CRF Hydro Power Limited commented: “With over 35 years of industry experience, my team and I are continually impressed with Virgin Money’s specialist knowledge in renewable energy. They have helped us close deals quickly and efficiently, put our plans into action and get these exciting projects off the ground. “

Alan Turner of Turner & Co (Glasgow) Ltd added: “The Turner Group is fully committed to long-term sustainable investments and looks forward to future growth in renewable energy with our new partners. “

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