A Lochgilphead-based renewable energy company is set to revitalise its portfolio oh hydropower installations after receiving significant funding support from Clydesdale Bank
The Bank has provided CRF hydro Power new funding of £3.85m, as part of a multi-million pound package to enable the company to establish a 2MW storage hydropwer scheme at the site in Wester Ross.
The Garbhaig hydro scheme was originally launched in 1997 and had a maximum output of 915WK. The redevelopment saw the power station moved downhill and is generating capacity more than doubled to 2MW - enough to power approximately 1,800 homes.
Founding in 2009, CRF Hydro Power Ltd, was formed out of CR Foster and Partners, which was established in 1986. The company is owned by brothers, Roy and Martin Foster, and operated numerous facilities across the North West highlands, of which the redeveloped Garbhaig scheme is the largest.
Roy Foster, co-owner of CRF Hydro Power said: "We've been impressed by the level of knowledge of the renewable sector which Clydesdale Bank's team has displayed. That has been instrumental in allowing us to complete this deal quickly and put our plans into action."
Adam Heslop, Senior Director for Renewable Energy at Clydesdale Bank, said"Hydro power and other renewable energy projects will have an increasingly prominent part to play in Scotland so we are pleased to be supporting the enhancements of the Garbhaig facility.
"Roy Foster and his team have more than 30 years experience of the sector and operating in and around the local communities in the North West. Their growth ambitions in the coming years are impressive and will further boost the rural economy."
We've been impressed by the level of knowledge of the renewable sector which Clydesdale Bank's team has displayed. That has been instrumental in allowing us to complete this deal quickly and put our plans into action.Roy Foster, co-owner of CRF Hydro Power