Submitting.
The deal is co-sponsored by existing bank client CRF Hydro Power and Turner & Co (Glasgow) which, together, through the newly formed joint venture Foster Turner Hydro, are providing an undisclosed level of equity.
The long-term loan provided by Virgin Money will support the acquisition, and upgrade, of the Glen Buck and Munergie hydro schemes, located in the Scottish Highlands.
The amount of electricity set to be produced will be enough to power more than 2,600 homes and displace some 2,500 tonnes of carbon per annum.
Keith Wilson, head of renewable energy at Virgin Money, the new brand for Clydesdale Bank, said: “While sometimes overlooked, medium-scale hydro schemes have an important role to play in supporting the energy transition, particularly those capable of delivering power at times of peak demand, as is the case here.