MeyGen turbine achieves full power

The first 1.5MW MeyGen wave turbine to be installed in the Pentland Firth off the north coast of Scotland is now operating at full power in water speeds of six knots.

Owner Atlantis Resources said: “Operation at full power is significant as it allows for validation of the power curve models which underpin the financial assumptions of the project.

“This is yet another significant de-risking event for the industry.”

MeyGen has signed a 10-year Power Purchase Agreement (PPA) with SmartestEnergy for the project.

> Read Atlantis Resources' announcement

National Grid sells stake in gas distribution business

National Grid has sold a 61% controlling stake in its gas distribution business to a consortium of investors.

The deal values the business at £13.8 billion and will allow National Grid to return £4bn to its shareholders through a special dividend and share buyback scheme.

The consortium comprises Allianz Capital Partners, Amber Infrastructure, CIC Capital, Dalmore Capital, Hermes Investment Management, Macquarie Infrastructure & Real Assets, and the Qatar Investment Authority.

> View National Grid's announcement

Drax unveils plans to buy Opus

Power station operator Drax has unveiled plans to buy retailer Opus Energy for £340 million.

The company is also buying four open-cycle gas turbine development projects for £18.5m.

Dorothy Thompson, Chief Executive at Drax, said: “These initiatives mark an important step in delivering our strategy, contributing to stronger, more predictable, long-term, financial performance, through greater diversification of the businesses, delivering more opportunities right across the markets in which we operate.”

> Read Drax's statement

Bluefield Solar announces new acquisitions

Five solar farm projects have been bought by Bluefield Solar for £22.7 million.

The London-listed fund said three of the sites Essex, Leicestershire and South Wales are being built by Parabel UK, while the other two in Northamptonshire and Staffordshire are being constructed by Solar Century.

The deals will take the company’s peak capacity to 166MW.

> See Bluefield Solar's statement

Tesla grid-scale battery opens

Energy Minister Baroness Neville Rolfe has officially opened Camborne Energy Storage’s Tesla grid-scale battery facility in Somerset.

The batteries are located in a solar farm and together can supply enough power for 500 homes.

Managing director Dan Taylor said: “Camborne is pleased to have developed Europe’s first Tesla grid-scale installation by co-locating with a solar farm in Somerset.”

> See BEIS's announcement