Ofgem chairman to step down

David Gray has announced his intention to retire as chairman of Ofgem when his five-year term ends in September 2018.

Prior to his appointment as chairman, Gray was an executive director at Ofgem’s networks division between 2003 and 2007.

The Department for Business, Energy & Industrial Strategy will appoint his successor.

> View Ofgem's statement

 

Atlantis in “transformational” GFG tie-up

Tidal energy firm Atlantis Resources has a struck a “transformational deal” to acquire a power plant from metals tycoon Sanjeev Gupta’s GFG Alliance.

Under the proposed deal to buy the Uskmouth power plant in South Wales, GFG’s SIMEC energy arm will also become a shareholder in Atlantis which is behind the MeyGen tidal energy project in the Pentland Firth.

The deal also gives Atlantis the right of first offer on a portfolio of renewable power generation assets currently owned or acquired by the GFG Alliance

> Read Atlantis' announcement

 

BP in Lightsource deal

BP has announced it is buying a 43% stake in solar power developer Lightsource for $200 million.

The energy giant said the two companies will work together to drive the growth of the renewable source worldwide.

Lightsource will be rebrand as Lightsource BP following the deal.

> Read more about Lightsource

 

Abundance to raise funds for hydro schemes

Intelligent Land Investments (ILI) Group has launched a bond on the Abundance crowdfunding platform to raise £3.4 million.

The cash will be used to build three pumped-storage hydro-electricity stations in Scotland.

The projects – each of which will have a capacity of between 300MW and 400MW – are near Loch Ness, in the Trossachs and in the Borders.

> Find out more

 

Catapult looks to harness marine potential

The Offshore Renewable Energy Catapult (OREC) and trade body RenewableUK have launched a project to gauge how marine renewables can qualify for UK Government support.

The Clean Growth Strategy sets out a triple test: achieving maximum carbon reduction; showing a clear cost reduction pathway; and demonstrating that the UK can be a world-leader in a global market.

OREC Chief Executive Andrew Jamieson said: “It’s essential that our emerging wave and tidal developers continue to enjoy investor confidence to allow them to be brought to full commercial scale, for the economic opportunity is immense.”

> See OREC's statement