Law firm advises on Hydro Scheme sale

08/04/2024
Glendevon Hydro Scheme in Dollar

LAW firm Harper Macleod has advised on the sale of the assets and operations of the Glendevon Hydro Scheme in Dollar, by Torishima Service Solutions Europe Limited to Renfin & Hydropol Group.

The scheme, constructed by Torishima in partnership with Scottish Water in 2022, was one of the first of its kind in Scotland when built. 

According to Scottish Water, the technology installed at the Perthshire reservoir converts water energy into enough electricity to power 100 homes a year, saving the equivalent of 93 tonnes of carbon dioxide a year.

Glasgow-based Torishima specialises in the design, manufacture, assembly, installation and maintenance of a range of mechanical, hydraulic, cooling and lubrication systems to a European customer base.

Renfin & Hydropol Group are experts in development, installation, and operation of hydro projects across Europe and overseas. In the United Kingdom, they currently own 35 hydro schemes through development and acquisitions.

Harper Macleod advised Torishima Service Solutions Europe Limited on the transfer of the lease and the sale of the business and assets.

Caroline Summers, a partner in Harper Macleod’s commercial property team, led on the transaction and was supported by Lydia Murchison, as well as partner Paul Macdonald (Corporate) with support from Aiden Paterson.

Caroline Summers said: “Hydro power is a key component in Scotland’s renewable energy mix and contributes to the ambitions to be net zero by 2024. It utilises a readily available energy source and returns power back to the grid while reducing carbon emissions.

“Torishima has combined market leading technology with industry expertise and high standards of customer service to deliver a scheme which will provide vital power supplies and contribute to climate change efforts for years to come.” 

Tom Coutts, General Manager, CWS & Projects, at Torishima Service Solutions Europe Limited said: “The transaction had it challenges over the past several months due to the complex nature of the sale containing three parties and two law firms, but with great communication and regular meetings directed by the Harper Macleod team, we got there and everyone was happy with a successful outcome on time as planned.”

Harper Macleod’s commercial property team is one of the most active of its kind in Scotland. It advises on all aspects of commercial property activity – from leases for landlord and tenant, as well as acquisitions, sales and development transactions. It is one of Scotland’s largest with lawyers in Glasgow, Edinburgh and the Highlands, Islands and Moray.

The Harper Macleod corporate team advises Scotland’s leading family-owned, employee-owned and owner-managed businesses, specialising in healthcare, energy, marine and rural economies, technology, and food & drink. It is an expert adviser on business succession and to entrepreneurs and high-growth businesses, particularly those seeking investment.  It supports businesses across the UK with their M&A activity.

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