J-Power and Kansai take 41% stake in innogy’s Triton Knoll wind project
Japanese energy firms Japan’s Electric Power Development (J-Power) and Kansai Electric Power are investing a total of almost £1bn in innogy’s Triston Knoll offshore wind project.
The UK project is worth a total of £2bn and is located off the coast of Lincolnshire. It is set to have a capacity of 860MW and construction will begin next year.
Innogy won the contract from the UK government and has now sold 41% of its stake to the two Japanese businesses. J-Power will take 25% while Kansai will take 16%.
According to CNBC, innogy’s COO for renewables, Hans Bunting, said on Monday: “As we continue to grow our offshore portfolio across the globe, the securing of valued, strategic partnerships is a key objective for renewables at innogy. With J-Power and Kansai Electric Power we have found experienced and reliable partners and we are delighted to be working with them to successfully realise the Triton Knoll Offshore Wind Farm together.”
Makota Honda, director and executive managing officer at J-Power said according to BusinessGreen: “We are very pleased to become a partner in innogy’s Triton Knoll Offshore Wind Farm project. As the leading provider of wind power in Japan, we are very proud to be entering into this overseas offshore wind power project which is a first for a Japanese electric power utility. We are actively continuing to develop new wind power projects both in the domestic market and in the overseas market.”
You can read more about innogy in this month’s Energy Digital magazine.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.