Wednesday 29th March 2017


March 29, 2017

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Dong and Siemens near A2Sea sale

Dong Energy and Siemens are close to agreeing a sale of shipping group A2Sea for up to $250m, the Danish media has reported.

Danish newspaper Berlingske has reported that the companies are close to choosing a preferred bidder following a bidding process that concluded in mid-February.

Firms including Deme Group, Fred Olsen, MPI Offshore, Vroon and ZPMC have all been linked with A2Sea; and a deal could be agreed for around $200m-$250m.

EDP bids for remaining 22.47% of EDPR

Portuguese utility EDP has launched an offer to buy the 22.47% of subsidiary EDP Renovaveis that it does not currently own.

EDP launched the offer on Monday to buy the remaining shares for €6.80 each, which is 10.5% higher than they were trading on Friday. EDPR is currently worth around €6bn, which means the 22.47% is worth just over €1.3bn.

EDP currently owns 77.53% of EDPR. It said its intention was to continue to run EDPR in its existing form, but would withdraw the company from trading on the Euronext Lisbon stock exchange if it ended up owning more than 90%.

‘UK offshore cost neutral at £105/MWh’

UK offshore wind farms are cost neutral at a strike price of under £105/MWh and with at least 30% UK content, research has said.

The UK government-backed Offshore Renewable Energy Catapult released a report yesterday, ‘Economic Value of Offshore Wind’, which said the falling cost of offshore wind would make new UK offshore wind farms cost neutral for taxpayers, and support UK growth. It said each £10/MWh cut in the strike price was worth up to £350m; and every 10% extra of UK content up to £600m.

The report added that if the next UK offshore auction achieved a strike price of £90/MWh and 50% UK content, this would mean a £1.7bn per GW net benefit for the winning bid.

Statkraft enters France with wind PPA

Norwegian utility Statkraft has entered France by agreeing to buy the energy produced by a 6MW wind scheme.

Statkraft will purchase electricity and capacity certificates from the 6MW Eole Source de la Sensée Hamelincourt wind farm in northern France, which is owned by Dutch investment fund TTR Energy. This is the Norwegian utility’s first move into the French market, and said it was “confident” of doing more wind deals.

This power purchase agreement has been signed under the new French support mechanism for renewable energy, which came into force last year.

Want more? Check out this Wind Watch on the French market

Greencoat buys £40m Scottish scheme

UK investment fund Greencoat UK Wind has bought the 16MW Langhope Rig wind farm from part of General Electric for £40m.

The 16MW Langhope Rig was developed and built by SSE, and sold to GE Energy Financial Services in March 2015 before completion. The project is located near Hawick in the Scottish Borders region, and was commissioned in late 2015.

The deal was funded by Greencoat UK Wind’s £37m revolving credit facility as well as £2.8m of cash resources.

Dutch duo close on €200m Krammer

Dutch cooperatives Deltawind and Zeeuwind have reached financial close for the €200m Krammer wind farm.

Equity for the 102MW scheme came from Deltawind, Zeeuwind and German turbine manufacturer Enercon, while ASN Bank, ING Bank, Rabobank and Sumitomo Mitsui Banking Corporation
provided debt financing, along with local communities.

The scheme is located in the Zeeland province and is set to consist 34 Enercon’s 3MW turbines. Completion is expected by 2019.

Wind Watch

Wind Watch is published every Monday and Friday.

In the meantime, have you checked out the latest posts on our blog? If not, you should. This is where we put the analysis that we can’t fit in our newsletters and special reports.

Here is a taste of our recent post on SunEdison…

SunEdison poised to exit bankruptcy
By Richard Heap

The bust was as spectacular as the boom.

Last April, troubled US solar and wind developer SunEdison filed for bankruptcy protection after the debts it ran up during an acquisition-led growth plan in 2015 finally became too much. The slump for US yieldcos in 2015 was damaging too.

SunEdison’s plans included major growth in wind following its $2.4bn takeover of developer First Wind, which concluded in January 2015. But, while more buyouts were announced, few of these converted – and the final decline felt inevitable.

But SunEdison is now set to embark on the long process of rebuilding. To do this, the company first has to…

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