The shareholders of the 402 MW Dudgeon offshore wind farm in the United Kingdom have announced the signing and pricing of privately placed notes for the refinancing of the project’s existing non-recourse project debt, with financial close expected next week.
Energy Finance & Investment News in UK (United Kingdom)
IPPToday #323: EDPR, Mitsubishi and Engie secure over US$3 billion financing for UK offshore wind project
EDP Renováveis S.A. (EDPR), through its subsidiary EDPR UK Limited, Diamond Generating Europe Limited (DGE) and ENGIE have announced that Moray Offshore Windfarm (East) Limited (MOWEL) has successfully secured financing for the construction of an 950 MW offshore wind farm.
Atlantis has announced that it has signed a Heads of Terms to sell a 25% shareholding in Uskmouth Power Station to Equitix for a cash consideration of GBP32.9 million (US$42.2 million).
Transmission Capital Partners (TCP), a consortium comprising International Public Partnerships Limited (INPP), Amber Infrastructure Group and Transmission Investment, has successfully reached financial close for the long-term ownership and operation of the transmission link to the 402 MW Dudgeon offshore wind farm in the North Sea.
IPPToday #314: SIMEC Atlantis advances plans for world’s first power station conversion from coal to 100% waste derived fuel
SIMEC Atlantis Energy Limited has announced that it is advancing its ﬂagship Uskmouth Power Station conversion project in Wales. The power station will be converted from coal power to generate electricity from 100% waste-derived energy pellets, a world first.
Swansea Council has announced that it is seeking a partner for the delivery of the Swansea Bay tidal lagoon development. It is inviting both corporates and consortia to submit expressions of interest (EOIs) for Lagoon 2.0 - a re-formatted version of a 320 MW project proposed by Tidal Lagoon Power. In development for several years, the project was terminated earlier this year after the UK government refused to grant it any subsidies.
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.
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.