International industrial and metals group Liberty House has announced that, together with SIMEC shipping, mining and energy group, established by Liberty House CEO Sanjeev Gupta’s father, it has reached an agreement with Australian-based leading mining group Rio Tinto to buy its iconic hydroelectric facilities and aluminum smelting operation at Lochaber near Fort William in Scotland.
The acquisition of the high-profile Scottish Highlands installation will secure the jobs of more than 150 workers on site and hundreds more in the local and regional supply chain. Total value of the transaction is £330 million, which is being funded with a mixture of equity and funds raised through a securitization program. The group’s investment at Lochaber is being backed by the Scottish government through a variety of business support mechanisms, in particular through support for a Liberty contract to purchase power from the hydroelectric plants.