Fall in ScottishPower Renewables profits

ScottishPower has seen a fall in profits at its renewables business after weather conditions reduced output.

The Glasgow-based company said Scottish Power Renewables made £156.9m underlying profits in the first nine months of 2016, down by 28.6 per cent from £219.7m in the same period last year.

> See ScottishPower's statement

MeyGen on track

MeyGen, the world’s largest tidal turbine project, remains on course to have all of its turbines installed and connected to the grid in time for first power delivery by the end of the year, according to developer Atlantis Resources.

All four foundations have been installed in the Pentland Firth off the north coast of Scotland.

“This offshore operation was a resounding success and importantly has validated the use of jack up vessels for the purpose of installing tidal turbine foundations offshore in high flow locations,” Atlantis said.

> Read Atlantis's announcement

First power from Pen y Cymoedd

Pen y Cymoedd, the largest wind farm in Wales, has produced electricity for the first time.

The 76-turbine wind farm is due to be completed next year.The Vattenfall project will have a capacity of 228MW.

Gunnar Groebler, Vattenfall’s Head of Business Area Wind, said: “Wales’ big ambitions for renewables send a strong signal to the green energy sector. Vattenfall’s Pen y Cymoedd Wind Energy Project will propel Wales towards reaching those objectives”.

> View Vattenfall's statement

Ecotricity issues fourth bond

Energy supplier Ecotricity is issuing its fourth bond.

Existing customers will receive a return of 5% on the five-year bond, while other investors will receive 4.5%.

The company’s three previous bonds have raised £38 million in total.

> See Ecotricity's announcement

£1.25m crowdfunding raise for Argyll hydro power station

Nightjar Sustainable Power, which owns and operates a 2MW run-of-river hydroelectric power station on the River Lochy in Argyll, has borrowed £1.25 million through the Downing crowd-lending website.

The one-year bond offered a 5.5% fixed rate of interest. The hydro plant’s value has been estimated at £8.3m.

> Find out more about NightJar