Iberdrola, through its subsidiary ScottishPower, has agreed to sell its traditional generation assets in the United Kingdom to Drax Smart Generation, a subsidiary of the Drax Group for GBP702 million (US$922.5 million). Thus, the company becomes the first 100% renewable integrated energy business in the UK.
Energy Finance & Investment News in UK (United Kingdom)
The UK government's Office of Gas and Electricity Markets (Ofgem) has launched the sixth round of the offshore transmission owner regime, which uses competitive tendering to license offshore electricity transmission. The tender covers links to three offshore wind farms with an estimated total value of GBP2 billion (US$2.62 billion).
SSE has announced that it is exercising its pre-emption right to acquire Fluor's 50% share in Seagreen Wind Energy Limited, established to develop offshore wind projects in the Firth of Forth Zone in east-central Scotland.
Ørsted has announced that it has signed an agreement to sell 50% of the 1,218 MW Hornsea 1 offshore wind farm to Global Infrastructure Partners (GIP). Located off the coast of Yorkshire, north-east England, Hornsea 1 is currently in construction and will be the world’s largest offshore wind farm when commissioned in 2020.
Ørsted has announced that Walney Extension, the world’s largest operational offshore wind farm, has been officially opened. The 659 MW project is 50% owned by Ørsted, with the remaining share owned by the Danish pension funds PKA (25%) and PFA (25%).
innogy SE has announced that the Triton Knoll offshore wind project, which involves the development of an 860 MW wind farm off the coast of Lincolnshire, England, has achieved financial close. Total planned investment volume amounts to approximately GBP2 billion (US$2.59 billion).
Drax Group has announced that it has switched on its fourth biomass generating unit at Drax power station. Located in North Yorkshire, north-east England, the 3,906 MW power station was designed to accommodate six 660 MW coal-fired units, which were brought online between 1973 and 1986.
Mutual Energy has secured GBP200 million (US$260.0 million) financing from Legal & General to cover construction costs of the Gas to the West project. This involves the delivery of an 80km extension to the existing gas network in Northern Ireland through a mainly underground pipeline running from Portadown to (near) Enniskillen.
FCC has secured GBP207.3 million (US$275.5 million) senior long term investment grade debt to refinance two energy from waste (EfW) assets in the United Kingdom: the Allington plant in Kent and Eastcroft facility in Nottingham.
Macquarie Infrastructure and Real Assets (MIRA) has announced the final close of Macquarie Super Core Infrastructure Fund (MSCIF) Series 1 at EUR2.5 billion (US$2.94 million), exceeding the fund's initial minimum target of EUR1.5 billion (US$1.76 million).
The Business and Energy Secretary, Greg Clark, of the UK government has announced that the proposed Swansea Bay tidal lagoon, which would generate 320 MW of electricity and cost GBP1.3 billion (US$1.71 billion) to develop, does not meet the department's requirements for value for money, and so the government will not grant any public funds to the project.
Impax Asset Management Group Plc has announced the close of its third private equity infrastructure fund at EUR357 million (US$420.1 million). Impax New Energy Investors III (NEFIII) is focussed on investments in renewable power generation and related assets in Europe.
The Crown Estate, a statutory corporation that owns public land and assets in the United Kingdom belonging to the British monarch, has announced that it has closed its application process for offshore wind farm extension projects. Since applications were invited in February 2017, the corporation has received proposals for projects representing up to 3 GW generation capacity.
Crown Estate Scotland, the public body that manages Scottish land and property on behalf of the government, has unveiled proposals to lease seabed to encourage a new generation of offshore wind projects in Scotland’s waters.
Ecotricity has presented the UK government with proposals for two tidal lagoon projects. The lagoons would be located in the Solway Firth, which straddles the border of England and Scotland to the west. They would each produce 380 MW of electricity and cost GBP650 million (US$879.8 million) to develop.
The EDF Group, via EDF Renewables in the United Kingdom, a joint subsidiary of EDF Energy and EDF Energies Nouvelles, has bought the Neart na Gaoithe offshore wind project, located in Scotland, from Mainstream Renewable Power, following a competitive bidding process.
The Emerging Africa Infrastructure Fund (EAIF), managed by Investec Asset Management (IAM), has announced that it has successfully completed its latest fundraising round, raising US$385 million in new long-term debt capital to invest in Africa.
EDP Renewables S.A. (EDPR), through its subsidiary EDPR UK Limited (EDPR UK), has closed the sale of a 20% stake in the Moray Offshore Windfarm (East) Limited (MOWEL) to Diamond Generating Europe Limited (DGE), a wholly owned UK-based subsidiary of Mitsubishi Corporation.
InterGen has announced the financial close of credit facilities for its 300 MW natural gas-fired Spalding Energy Expansion project in Spalding, Lincolnshire, England. The project involves the installation of an open cycle gas turbine unit at the company's existing gas-fired power station.
A consortium comprising Meridiam, Allianz Capital Partners, on behalf of Allianz Group, and Kansai Electric Power have announced that they will fund NeuConnect Britain Ltd, a newly set up operating company, which will build the first direct power link between Germany and the UK.