Welsh-based installation could power up to 300 households per year
15 August 2012 12:04
Venture Capital firm Albion Ventures has backed its first hydro project in partnership with independent engineering company, Dragon Hydro Ltd.
The 300kW hydropower scheme is to be installed on the Afon Cadair river in Gwynedd, Wales and is forecast to generate 1,300MWh of electricity per year – enough to power up to 300 households.
The project is expected to begin generating electricity next summer, benefitting energy users who will profit from the government-backed Feed-In Tariff, which pays out to those who create their own renewable electricity.
Michael Kaplan, partner at Albion Ventures is pleased with the company’s seventh investment into renewable energy and is confident that the deal with Dragon Hydro Ltd will support the venture capital firm’s plans to expand in this sector.
He said, “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.
“This investment highlights Albion’s continued commitment to the renewables sector. The investment will provide attractive long-term returns for our shareholders. Hydropower is the oldest renewable technology and we are very pleased that the government continues to support small-scale hydro through Feed-in-Tariffs.”