First Hydro

Strategic Asset with Potential for Value Creation

• Identified ability to materially extend asset lifespan by refurbishing pumped storage facilities

• Recognized opportunity to optimize the commercial strategy based on extensive hydroelectric expertise

• Positioned asset strategically to meet the UK's growing need for renewable storage solutions and grid stability

Sourced Bilateral Transaction

• Identified need for grid flexibility

• Sought to acquire control

• Acquired minority stake for value with sufficient governance