Sep 21, 2018

Ørsted to sell stake in 1.2GW Hornsea wind farm to GIP for £4.46bn

Wind
Olivia Minnock
1 min
Danish power company Ørsted has agreed to sell a 50% stake in its 1.2GW Hornsea 1 UK offshore wind farm.

Danish power company Ørsted has agreed to sell a 50% stake in its 1.2GW Hornsea 1 UK offshore wind farm.

The stake in the facility, which is currently under construction off the coast of Yorkshire, will be purchased by US-based Global Infrastructure Partners (GIP) in an agreement set to close over the coming months.

 

See also:

GIP completes acquisition of NRG’s renewables business

Ørsted to buy Lincoln Clean Energy for $580mn


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In addition to a 50% ownership share, GIP has a commitment to cover half of the payments under the construction contract for the project. Meanwhile Ørsted will continue to oversee the construction, as well as providing operations and maintenance.

A total of £4.46bn is set to be paid to Ørsted by GIP by 2020, when the wind farm will begin generating power.

Ole Khems Sørensen, Executive Vice President for M&A, Partners and Asset Management at Ørsted said: “This is our third partnership with GIP, and we are delighted to have one of the world’s largest infrastructure funds as a partner, in what will be the world’s largest offshore wind farm.”

 

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May 13, 2021

All but two UK regions failing on school energy efficiency

schools
energyefficiency
Renewables
Dominic Ellis
2 min
Yorkshire & the Humber and the North East are the only UK regions where schools have collectively reduced how much they spend on energy per pupil

Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.

Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.

According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.

Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.

“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."

He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."

North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).

The Department for Education has issued 13 tips for reducing energy and water use in schools.

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