Siemens de-risks in €1bn grid link deal
Siemens is set to build a fifth German offshore grid connection in a deal that cuts its risk of incurring extra costs in case of delays.
Grid operator TenneT has awarded Siemens and energy services firm Petrofac the contract to develop the €1bn BorWin 3 link in the North Sea, with capacity of 900MW. It is due to complete in 2019.
Delays to four previous German offshore grid link projects have cost Siemens over €800m since 2011. The BorWin 3 deal has been structured to reduce the risk of adding to this.
Siemens will have five years to complete the project rather than the three years in previous deals; and the contract is valued at more than €1bn, compared with €500m for previous projects.
GE wins 96MW Texas turbine deal
Akuo Energy has chosen General Electric’s 1.7-103 turbines for the first phase of its Rocksprings wind farm in Texas.
The French developer’s subsidiary Akuo Energy USA is set to use 56 of the GE turbines for the 96MW first phase of the Rocksprings project. The scheme is due to be operational next year.
The total installed capacity of Rocksprings is set to total 180MW over two phases, and is part of Akuo’s strategy to build a 1GW portfolio of US wind and solar schemes.
Canada’s largest wind farm completes
Samsung Renewable Energy and Pattern Energy have completed Canada’s largest wind farm.
The development partners have announced that the 270MW South Kent Wind project in Ontario is now operational. It is using 124 Siemens 2.3MW turbines.
Samsung and Pattern are working on three more projects in Ontario: the under-construction 150MW Grand Renewable Energy Park; the 180MW Armow project; and the 270MW K2.
Impax concludes 78MW of Finnish deals
Impax Asset Management has completed its acquisition of the 51MW Finnish wind farm Kuolavaara-Keulakkopaa from developer Fortum & Metsahallitus.
The UK investor has also agreed a project finance deal for the 27MW Joukhaisselka scheme with Swedish financial group Skandinaviska Enskilda Banken. Construction started this year.
Impax has made the investments through its New Energy Investors II fund, which has more than €330m of capital committed to investments in the renewable energy sector.
Orix eyes US wind in £883m spree
Orix plans to spend 150 billion yen (£883m) in the next 12 months on company takeovers, including US wind farm operators.
The Japanese financial services firm’s president Makoto Inoue has revealed that the company is also keen to buy US solar projects, and peripheral assets from European banks.
The firm’s investment in renewable energy has focused on solar, where it has a pipeline of projects totalling 425MW with 67MW operational, but it is now seeking to grow its portfolio of wind projects in countries outside Japan with high energy demand.
Investment expertise. High-quality events. Exclusive content. Lead generation.
Talk to the Tamarindo team today to find out how membership would benefit your business.