WIND

Wednesday 22nd April 2015

ADAM BARBER

April 22, 2015

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€110m wind fraud uncovered in Spain

Spanish tax authorities this week launched an investigation into a wind sector fraud thought to total €110m.

A 94-page report accuses developers including Iberdrola of providing back-handers to fast-track projects in Castilla y León, which has a quarter of the wind capacity in Spain.

The affair, reported this week in the Spanish daily El País, involves politicians from Spain’s ruling People’s Party, which is already fighting a rearguard action on corruption ahead of local elections.

TRIG raises £110m in share placement

The Renewables Infrastructure Group (TRIG) has completed a £110m fundraising round with £7.7m from retail investors.

The £110m was raised in four weeks through the issue of 107.5m shares priced £1.0225 each.

TRIG intends to use the cash to repay a revolving acquisition facility and “take advantage of the strong pipeline of attractive investment opportunities.”

Gamesa to install 220MW in Egypt

The Spanish turbine maker Gamesa is celebrating the sale of 110 G80-2.0MW turbines for a project in Egypt.

The machines are destined for a wind farm in Gulf of El Zayt, on the Egyptian Red Sea coast, Gamesa said.

The project is being funded by the Japan International Cooperation Agency and was awarded through an international tender by the Egyptian New & Renewable Energy Authority.

Pöyry report warns of investor risk

European wind investors need to be on alert for changing support structures, Pöyry Management Consulting has warned.

Germany, the UK, France, the Netherlands and Belgium are all on course to abandon support structures that could previously guarantee investors an easy return, says the report.

Guy Auger, CEO of Greensolver, said the report “runs counter to the yieldco phenomenon and shows renewable energy investment is not as easy as it looks.”

Jan De Nul picked for Dong cables

Dong Energy has handed Jan De Nul Group the task of providing cable installation at the Burbo Bank Extension offshore wind farm.

The work involves laying a 25km export cable between the offshore transformer platform and the beach, and installing 32 infield cables.

Jan De Nul will be working on the project, in Liverpool Bay, UK, over Spring and Summer next year

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