Wednesday 25th March 2015


March 25, 2015

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UK GIB starts £200m new markets push

The UK Green Investment Bank plans to invest £200m in clean energy projects in Africa and India in an overseas pilot programme.

The bank has agreed with the UK Department for Energy & Climate Change to invest on commercial terms in renewable energy and energy efficiency projects in India, East Africa and South Africa. This is in addition to the £3.8bn it has available to invest in the UK.

UK GIB has so far invested more than £860m in the UK’s offshore wind sector by backing six projects with total capacity of 2.1GW. This overseas pilot programme opens the possibility for the bank to invest in onshore and offshore wind in emerging markets.

Havgul and Triventus in 1.6GW merger

Scandinavian firms Havgul and Triventus are set to merge to form Havgul Nordic to focus on projects in Finland, Norway and Sweden.

The deal enables Norway’s Havgul Clean Energy and Sweden’s Triventus Wind Power to pool development and expertise to attract investment for onshore and offshore wind. The pair hope to benefit from the Nordic nations’ ambitious renewable energy targets.

Havgul Nordic has a pipeline of 15 projects totalling 1.6GW, with permitted schemes including the 350MW Havsul 1 Offshore and 200MW Tonstad wind farm. The merger is due to complete in May.

Bain Capital leads $80m Japanese MBO

Bain Capital is set to lead an $80m management buyout of publicly-traded Japanese developer Japan Wind Development.

The US private equity firm is teaming up with JWD chief executive Masayuki Tsukawaki to take the developer private. Founded in 1999, JWD is one of the largest independent wind farm developers in Japan and operates one of the country’s largest wind farms.

The deal is scheduled to complete on 8 May. Upon completion, JWD and Tsukawaki would own the shares in the company; and Tsukawaki would continue as chief executive.

Dutch giant APG mulls backing Borssele

APG is looking to invest ‘several hundred million Euros’ in the planned 1.4GW Borssele wind farm in the Dutch North Sea.

The Dutch pension fund manager, which manages the Dutch civil service pension fund, is now looking at investing in offshore wind after ruling it out last year due to concerns about technology and subsidies. It has so far invested €1bn of the fund’s assets in renewable energy, mainly onshore wind.

Borssele is set to require investment of more than €2bn but will also qualify for subsidies for 15 years. The Borssele offshore wind area is set to be developed in two 700MW sections, and auctions for contractors for the the first section are due to start later this year.

Alpha Wind plans 816MW off Hawaii

Alpha Wind Energy is seeking to develop two floating offshore wind farms with combined capacity of 816MW off the coast of Hawaii.

The Danish developer has submitted a lease request to the US Department of the Interior to develop two 51-turbine projects, each using 8MW turbines and with capacity of 408MW.

Alpha plans to develop the projects in waters off Oahu’s northwest and southern coasts.

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