REG - SIMEC AtlantisEnergy - Sale of Green Highlands Renewables

SIMEC Atlantis EnergyAnnouncement

13/12/2021 07:00

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RNS Number : 3612V  SIMEC Atlantis Energy Limited  13 December 2021

13 December 2021

SIMEC Atlantis Energy Limited

("SAE", the "Company" and, together with its subsidiaries, the "Group")

Sale of Green Highlands Renewables

SAE announces that it has agreed the sale of its subsidiary Green Highlands
Renewables (GHR) for a total cash consideration of £3m, payable in full on
completion. GHR has successfully developed and commissioned over 50 hydro
schemes across Scotland. Under the terms of the transaction, VH
Auslandsbeteiligungen GmbH (VHA) will acquire a 90% interest in GHR and Mr
Alex Reading (General Manager of GHR until 9(th) December 2021) will acquire a
10% interest.

The sale of GHR will simplify the structure of SAE, enable management to focus
on developing the tidal and power station conversion businesses, and bring in
necessary additional funding to support continuing Group operations and the
development of key projects. Following COP 26, there is refreshed focus on the
delivery of renewable and sustainable power generation. This was reflected by
the commitment to the phasing down of coal and the UK Government's
announcement to put in place a ring fence in the upcoming Contracts for
Difference Allocation Round 4 for the tidal stream industry. These
announcements demonstrate how critical SAE's projects are to the UK and the
rest of the world.

In 2020, GHR's pre-tax profit was £796,000 and its net assets as at 30 June
2021 were £2,394,272.

Enquiries:

SIMEC Atlantis Energy
Limited
+44 (0) 7739 832 446

Sean Parsons, Director of External Affairs

Investec Bank plc
 
+44 (0) 20 7597 5970

(Nominated adviser and Joint
Broker)

Jeremy Ellis

Ben Griffiths

Shalin Bhamra

Arden Partners plc
 
+44 (0) 20 7614 5900

(Joint
Broker)

Ruari McGirr

Richard Johnson

Simon Johnson

Notes to Editors

SIMEC Atlantis Energy

SAE is a global developer, owner and operator of sustainable energy projects
with a diverse portfolio in various stages of development. This includes a 77
per cent. stake in the world's largest tidal stream power project, MeyGen, 100
per cent. of the 220MW Uskmouth Power Station conversion project and 100 per
cent. of Green Highland Renewables, a leading developer of mini-hydro
projects.

https://www.simecatlantis.com/ (https://www.simecatlantis.com/)

More on the MeyGen Project: https://simecatlantis.com/projects/meygen/
(https://simecatlantis.com/projects/meygen/)

More on the Uskmouth
Project: https://simecatlantis.com/project-development-operation/simec-uskmouth-power/
(https://simecatlantis.com/project-development-operation/simec-uskmouth-power/)

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