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9 July 14
9 July 14
Triple Point, the private investment specialist, has today announced that its Hydro VCT, dedicated to funding hydro-electric schemes, has completed its first investment for a £3.16 million site near Tomdoun, Invergarry, in the Scottish Highlands.
The investment is for a 740 kilowatt project, due to be connected to the National Grid and exporting electricity by November 2015.
Commenting on the completion, Ben Beaton, Head of Investment at Triple Point, said:
“We are delighted that funding for this project has been completed two months after the VCT closed. This is great news for our investors as their cash can begin working quickly."
“We established the hydro fund in response to the needs of a particular group of investors looking for long-term income. Our long standing relationship with GHR, the leading developer of small scale Scottish hydro, has enabled Triple Point to develop a bespoke product that responds directly to investor demand.”
The VCT, the first of its type in the market, closed to investment in May this year. It gives investors access to a long term revenue stream derived from operating hydro-electric schemes in Scotland. The VCT expects to conclude funding for further projects in the coming months.