Rolls-Royce has completed the sale of its Bergen Engines business to Langley Holdings. The sale was initially announced on 3 August 2021. Bergen Engines joins Piller Power System and Marelli Motori groups in Langley’s £600 million power solutions business, which…
Author Archive for New Power
Octopus and Wind 2 to develop up to 570MW of onshore wind
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Octopus Renewables Infrastructure Trust (ORIT) and specialist UK onshore wind developer Wind 2 have announced plans to develop up to nine onshore wind farms in Scotland and Wales over the next 5-10 years, with a potential combined capacity of approximately…
OPINION: The National Security and Investment Act takes effect on 4 January – what you need to know
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The National Security and Investment Act 2021 (the NS&I Act) will establish a new regime for government approval of transactions that may give rise to a risk to national security when it comes into effect on 4 January. Conrad Purcell,…
GIG set to construct 40MW battery in Essex
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Macquarie’s Green Investment Group (GIG) has reached financial close on a 40MW battery storage project, located in Maldon, Essex. The project is one of seven strategically located in highly congested areas of the UK network, including Scotland and South-East England,…
NI consortium plans to bring forward geothermal power projects in 2022
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A new consortium will explore and develop deep geothermal energy projects in Northern Ireland and plans to bring forward its first projects in 2022. Geothermal NI is made up of MJM Renewables, Arup, Queen’s University Belfast and Geothermal Engineering Ltd.…
Good Energy seeks more working capital, warns a 30% tariff increase may not be the last
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Good Energy is in discussion with its financing partners to augment its working capital for the winter period. The company is exempt from the price cap and has already raised its standard variable tariff. It plans a second rise of…
Ontario local government pension fund sells SGN stake to Global Infrastructure Partners
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OMERS has announced the sale of its 25% stake in Scotia Gas Networks Limited to Global Infrastructure Partners (GIP). SGN is the second largest gas distribution network in the UK, which owns Scotland Gas Networks and Southern Gas Networks. It…
Schroders takes 75% stake in Greencoat Capital
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Global asset manager Schroders is to acquire a 75% share of renewable infrastructure manager Greencoat Capital, for an initial consideration of £358 million. The deal includes a potential earn out, payable three years after completion, which is subject to stretch…
Ofgem fires warning shot over Balancing Market costs
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Ofgem has warned energy generators that “We will not hesitate to take action if we find evidence of market manipulation” in an open letter to companies who participate in the so-called ‘Balancing Market’ (BM). General electricity trading applies in half-hourly…
Northern Ireland seeks to join Contract for Difference regime from 2023 to fund offshore wind
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Northern Ireland is working with Westminster’s Department for Business, Energy and Industrial Strategy (BEIS) to explore whether the Contracts for Difference scheme currently operating in GB can be extended to Northern Ireland. If so, the aim would be to include…