Wednesday 26th March 2014


March 26, 2014

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Siemens and ABP in £310m Hull spend

Siemens and Associated British Ports are to invest a combined £310m in factories on the banks of the Humber in east Yorkshire.

German manufacturer Siemens plans to invest in logistics centre Green Port Hull, and in a factory in nearby town Paull to produce blades for its 6MW turbines. Its total investment is £160m.

Meanwhile, UK port operator Associated British Ports plans to invest £150m in Green Port Hull, which is set to create 1,000 jobs. Construction on both projects is scheduled to start in late summer.

Germany’s Wind Energy Agency said the Siemens decision showed that proposed reforms to renewable subsidies by the German government are driving firms away.

Brookfield buys 321MW Irish portfolio

Brookfield Renewable Energy Partners has agreed to buy a 321MW portfolio from Irish firm Bord Gais Energy for €495m.

The Canadian investor said it expected the portfolio to grow to 500MW by 2015 and be worth up to €700m. It currently comprises 17 projects across Ireland and Northern Ireland.

Alongside this deal, Centrica and Icon Infrastructure have bought Bord Gais Energy’s gas and electricity supply business. The total value of the two deals is €1.1bn.

Japan confirms offshore incentive boost

The Japanese government has increased incentives for the offshore wind sector while reducing those for solar projects.

The government has agreed to set the offshore tariff at 36 yen (35 cents) per kWh for the 20 years starting in April. It also cut the solar tariff 11% to 32 yen (31 cents) per KWh.

Its aim is to encourage growth in the offshore wind sector.

Developers net $850m for Canada’s K2

Construction work has started on the 270MW scheme K2 Wind in Ontario, Canada, after the developers secured an $850m funding deal with 15 financial institutions.

Samsung, Pattern Energy and Capital Power are developing K2 Wind, which is set to include 140 turbines.

The project is scheduled to be operational by the middle of 2015.

Aldwych agrees €623m Kenya deal

Aldwych International has agreed a €623m funding package for its 300MW Lake Turkana project in northern Kenya.

The London developer said it has agreed financing with lenders including African Development Bank, the European Investment Bank, and Standard Bank of South Africa.

The Lake Turkana Wind Power Project is due to comprise 365 turbines. Aldwych expects to reach financial close on the funding “in the next few months” and start construction shortly after.

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