Offshore windfarm officially opened

Norwegian energy company Statoil said it cut the cost of building the Dudgeon wind farm off the coast of Great Yarmouth from its original prediction of £1.5 billion to £1.25bn.

The 67-turbine 402MW wind farm is now fully operational, supplying enough power to the grid for 410,000 homes.

Statoil’s partners in the project are Masdar and Statkraft.

> See Statoil's statement

 

Battery storage firm gets £50m investment

New York-based Tiger Infrastructure Partners has invested £50 million in London-based Battery Energy Storage Solutions (BESS).

BESS will use the cash to develop grid-scale battery storage projects.

The company already has 63MW of capacity and wants to buy projects from other developers.

> Find out more about BESS

 

Atlantis in Wyre tidal energy deal

The Duchy of Lancaster – a private estate owned by the Queen – has chosen Atlantis Resources to develop the proposed Wyre estuary tidal barrage and flood protection project.

Securing planning permission for the 160MW project, which could produce 300GWh of electricity each year, is expected to take three years.

Atlantis is already developing a tidal power array in the Pentland Firth between Scotland and Orkney.

> Read Atlantis' announcement

 

Vattenfall shifts finance goals

Power company Vattenfall has had its financial targets adjusted by its owner, the Swedish government.

Ministers now want the company’s adjusted net debt to sit between 22% and 27% instead of a range between 22% and 30%, while its profitability target has been cut to an 8% return on capital employed from 9%.

The company – which has shifted focus to renewable energy – will also be required to pay a dividend of between 40% and 70% of profit after tax, instead of 40-60%.

> View Vattenfall's announcement

 

Cornwall Energy backed by growth fund

The Business Growth Fund (BGF) – the £2.5 billion equity investor setup by Britain’s five biggest banks in 2011 – has bought a minority stake in energy research firm Cornwall Insight.

The Norwich-based firm said it will use the investment to expand into other sectors and countries.

Volker Beckers, the former Group Chief Executive at RWE npower, has been appointed as the company’s Non-Executive Chairman.

> Read Cornwall's announcement