Mar 9 2023
A historic cotton mill in Derbyshire’s Derwent Valley will receive a new lease of life, including improvements to its hydropower scheme and new visitor facilities, following an acquisition backed by a loan from Triodos Bank UK.
Sir Richard Arkwright’s Masson Mills at Matlock Bath is home to a working textile and hydropower museum plus conference centre. The entire site is supplied with renewable energy produced by its hydroelectric turbines with any surplus fed into the National Grid.
With the support of a loan from Triodos Bank, Masson Mills has been purchased by the Derwent Hydro group of companies (DHPL), a business owned by the Needle family which has operated hydropower stations since the 1980s.
“Masson Mills has a proud heritage of generating power by harnessing the force of the River Derwent and the museum helps to promote an understanding of the role of clean energy in the past and its potential for the future,” said Jamie Needle, director at DHPL.
“As well as upgrading the hydropower scheme and preserving this important local heritage site, we hope that by introducing new facilities we can increase public enjoyment and appreciation of the Mill for both visitors to the area and local residents.”
DHPL has refinanced its Gerlan Hydro Ltd project to complete the acquisition of Masson Mills. A 1MW scheme on the edge of Snowdonia National Park, Gerlan Hydro was constructed by DHPL in 2013 with the backing of a loan from Triodos and consists of two hydropower stations.
“With a combination of renewable energy investment and the preservation and enhancement of industrial and cultural heritage, this project is an ideal fit for our values as a bank,” said Amandine Tetot, Head of Project Finance at Triodos Bank.
“The Needle family has demonstrated a deep and long-term commitment to the hydro sector and will use their skills and experience to preserve and breathe new life into this significant industrial heritage site while grounding it further in its community.”
Source: https://www.triodos.co.uk/