The two run-of-river schemes are in the Scottish Highlands and will generate approximately 2.8 GWh of electricity per year.
Construction of both projects is already underway and they are due to be commissioned by the end of the year.
They are the third and fourth community-scale Scottish hydropower projects that Albion Community Power is developing. Construction of the first two schemes is in advanced stages and both are expected to be fully commissioned by the end of the third quarter of the year.
Albion builds and operates community-scale energy projects across the UK and is financially backed by the UK Green Investment Bank, Strathclyde Pension Fund and Greater Manchester Pension Fund.
It chairman is former RWE npower boss Volker Beckers, who said that hydropower “has a proven track record of generating strong and stable returns for investors”.
“Institutional demand for community-scale renewable energy continues to grow and ACP is well placed to benefit from this trend,” he added.
Ed Northam, head of investment banking at the Green Investment Bank, said that community-scale projects “improve the efficiency of the network by generating electricity close to where customers need it”.
He added that decentralised schemes “are an important part of the energy mix and have a significant role to play in increasing security of supply, reducing costs and cutting greenhouse gas emissions”.