Glasgow-based Torishima Service Solutions Europe Limited has sold the assets and operations of the Glendevon Hydro Scheme in Dollar to Renfin & Hydropol Group, with legal advice provided by Harper Macleod.
The small hydropower scheme, constructed by Torishima in partnership with Scottish Water in 2022, was one of the first of its kind in Scotland when built.
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 UK, 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.
“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,” Summers said. “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 commented: “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.”
