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,…
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NI consortium plans to bring forward geothermal power projects in 2022
by New Power •
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.…
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Good Energy seeks more working capital, warns a 30% tariff increase may not be the last
by New Power •
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…
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Ontario local government pension fund sells SGN stake to Global Infrastructure Partners
by New Power •
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…
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Schroders takes 75% stake in Greencoat Capital
by New Power •
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…
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Ofgem fires warning shot over Balancing Market costs
by New Power •
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…
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Northern Ireland seeks to join Contract for Difference regime from 2023 to fund offshore wind
by New Power •
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…
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DNO’s sister company brokers hydrogen-ready fuel cell on-site power for Manchester data centre
by New Power •
Cloud hosting and data centre provider Teledata and Conrad Energy have agreed to install an initial 1.2MW of solid oxide fuel cells (SOFCs) from Bloom Energy at Teledata’s data centre in Manchester. Conrad Energy will fully fund the installation of…
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Qatar takes 10% stake as Rolls Royce says its ‘small nuclear’ business is fully funded
by New Power •
Sovereign wealth fund Qatar Investment Authority (QIA) has agreed to invest £85 million in Rolls-Royce SMR Limited. It QIA will join Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd as shareholders in Rolls-Royce SMR, taking a 10% share…