Albion Ventures makes first hydro investment
Albion Ventures has invested GBP1.3m in partnership with Welsh based developer Dragon Hydro to fund the development of a single 300kW hydropower scheme on the Afon Cadair river in the county of Gwynedd in Wales.
The site in Wales will benefit from the Feed-in-Tariff regime and is expecting to generate its first electricity in Q3 2013. The installation is forecast to generate an average 1,300MWh of electricity per year, enough to power up to 300 households.
This investment is Albion’s seventh investment into renewable energy and continues Albion’s strategy of expanding into this sector. Dragon Hydro will provide funds managed by Albion with an attractive long-term yield as well as the potential for capital growth.
Michael Kaplan (pictured), partner at Albion Ventures, says: “We are extremely pleased to make our first hydro investment with Dragon Hydro as we continue to diversify our holdings across a range of renewable energy technologies. The company demonstrates a very high standard of engineering excellence and commitment, having spent a considerable effort on planning and obtaining all required consents.”
Jonathan Bensted, director at Dragon Hydro, says: “Dragon Hydro welcomes Albion as a valued investor and business adviser. With its solid background and track record in supporting businesses in the renewables sector, we are pleased to be working with them. The investment will support the company’s continued growth.”
MorbenHydro, a specialised hydro engineering firm, is acting as consultant to the project.
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