National Grid sells remaining Cadent stake

Quadgas, a consortium of infrastructure investors, has agreed to buy National Grid’s remaining 25% stake in Cadent, largest gas distribution network in the UK.

Quadgas – which consists of Macquarie, China Investment Corporation, Allianz, Hermes, Amber Infrastructure, Dalmore Capital and the Qatar Investment Authority – bought an initial 61% stake from National Grid in March 2017.

National Grid said it would reinvest the £1.2 billion from the sale of the remaining stake in its business.

> View National Grid's announcement

 

Atlantis and Xodus join forces for Japan deal

Tidal power developer Atlantis and engineering advisory firm Xodus are to collaborate on plans for a tidal energy project in Japan.

Under the agreement, the companies aim to fund and build a tidal energy demonstration project of three to eight turbines.

Atlantis and Xodus previously worked together on the environmental impact study for the MeyGen tidal project in the Pentland Firth off the north coast of Scotland.

> Read Atlantis's announcement

 

Gresham House buys FIM

Asset manager Gresham House is to buy investment fund manager FIM Services for £25 million.

Following the deal, Gresham will hold £1.5 billion of assets under management, including renewable energy projects and forestry.

FIM owns six onshore wind farms with a combined capacity of 106MW and six solar plants with a total capacity of 31MW.

> View Gresham House's announcement

 

EDF buys wind farm development from Mainstream

French energy giant EDF has bought the Neart na Gaoithe wind farm project off the east coast of Scotland from Mainstream Renewable Power.

The 450MW development holds a contract for difference to supply electricity to the national grid and will require £1.8 billion to build.

The wind farm is due to enter service in 2023.

> See EDF's statement

 

Wind turbine yard warms of redundancies

The GMB and Unite trade unions have pledged to fight plans for redundancies at the former BiFab wind turbine years at Fife and Lewis in Scotland.

Canadian firm DF Barnes, which bought the yards three weeks ago following extensive negotiations with the Scottish Government, has issued redundancy notices to 35 of the remaining 43 staff.

In a joint statement, the unions said: “We knew the road ahead would be hard and the need for new contracts is obvious but clearly a major problem has emerged in terms of the future prospects for fresh work over the past fortnight.”

> Read the union's statement