EDF sells wind farm stake

French energy giant EDF has sold an 80% in five of its UK wind farms to London-listed Greencoat UK Wind.

EDF will retain a 20% stake in the Bicker Fen, Deeping St Nicholas and Red House sites in Lincolnshire and the Glass Moor and Red Tile farms in Cambridgeshire.

The French company will continue to run the sites and buy their electricity, and said it will use the cash raised to invest in other projects.

> Read EDF Energy Renewables' announcement

 

Orsted disposes of part of Walney holding

Danish pension funds PKA and PFA are together buying a 50% stake in the 659MW Walney offshore wind farm extension project from Ørsted, previously known as Dong Energy.

Walney will become the world’s largest offshore wind farm when its extension opens in the second half of 2018.

Henrik Poulsen, Chief Executive of Ørsted, said: “The total sales price comprises the acquisition of a 50% ownership share and the commitment to fund 50% of the payments under the engineering, procurement and construction (EPC) contract for the entire wind farm, including the transmission assets, and amounts to approximately £2 billion, which will be paid during 2017 and 2018.”

> View Ørsted's announcement

 

UK wave energy industry focus criticised

A premature focus on commercialisation has prevented the UK’s wave energy industry from reaching market readiness, according to a new report.

The paper by Imperial College London and the University of Strathclyde said that the requirement for public sector funding to be matched by private sector cash had led to “intense investor pressure to reach commercialisation as quickly as possible”.

The report – which was funded by the Engineering & Physical Sciences Research Council, Strathclyde Business School and the International Public Policy Institute – called for a strategy focused more on opportunities in Scotland and for the industry to continue to access European Union funding post-Brexit.

> Download the report

 

Jobs lost at renewables firm

Renewable technology firm VG Energy has seen provisional liquidators appointed after the firm suffered severe cash flow difficulties.

A total of 34 staff have been made redundant at the Scottish firm, while a further five are being kept on to assist the liquidators from MLM Solutions MLM said the firm had been hit by the fall in pound as a result of Brexit and uncertainties around the Renewable Heat Incentive scheme.

> Find out more

 

Wind developer launches funding round

Wind farm developer Future Renewables Eco (FRE) is issuing a bond to raise £30 million to erect turbines on more than 20 sites in the UK and Ireland.

Previous funding rounds have raised £14m.

Chief Executive Gerry Woods said: “Our previous phases have progressed well and we believe we have identified more openings in the renewable energy market that allow us to further develop our business model.”

> Find out more about the bond