SSEN Transmission Signs Debut £750m Sustainability-Linked Facility
The title of this post, is the same as that of this news item from SSE.
This is the sub-heading.
SSEN Transmission has signed its first ever sustainability-linked Revolving Credit Facility (RCF), further reinforcing the company’s commitment to sustainability in line with its Sustainability Action Plan.
This is the first paragraph.
The facility has been upgraded to include four key performance indicators, which have been designed to align with SSEN Transmission’s commitment to sustainability, and each indicator will be assessed annually during the term of the loan, thus bringing greater alignment between SSEN Transmission’s sustainability and financing strategies.
It seems to be that SSEN Transmission are benefitting from some innovative financing.
As someone, who benefited from innovative financing from a bank manager in the past, I’m all for more of this, if it helps development of our renewables.
Gresham House Energy Storage Sets GBP80 Million Fundraise
Gresham House Energy Storage Fund must be doing something right, as similar headlines are used in half-a-dozen places on the Internet and they regularly seem to be raising more money.
But then, as a Graduate Control Engineer and a previous owner of half a finance company, I’ve always thought raising money to build batteries was a good idea.
My only niggle with Gresham House, is that I would have thought by now, they would have put some money into building one of the excellent new technology batteries that are coming through.
The storage fund or some of its employees, may of course have contributed to some of the crowdfunding for these new technologies, all of which I feel have a good chance of being a success.
Note.
- Energy Dome is Italian and all the others are at least fifty percent British.
- Most of the British batteries have had backing from the UK government.
- All these batteries are environmentally-friendly.
- None of these batteries use large quantities of rare and expensive materials.
- Energy Dome even uses carbon dioxide as the energy storage medium.
In addition, in Scotland, there is traditional pumped storage hydro-electricity.
Project Iliad
This article on renews.biz has a slightly different headline of Gresham House To Raise £80m For US Battery Buildout.
This is the first two paragraphs.
Gresham House Energy Storage Fund is seeking to raise £80m through a share placing.
The new equity raised will primarily be used to finance 160MW of solar with co-located four-hour battery projects in California, US, known as Project Iliad.
The article then gives a lot of financial details of Project Iliad and Gresham House.
Will Gresham House be backing co-located solar/battery projects in the UK?
- In Cleve Hill Solar Park, I write about a co-located solar/battery project in Kent.
- This press release from National Grid is entitled UK’s First Transmission-Connected Solar Farm Goes Live, which also describes a co-located solar/battery project, being built near Bristol.
These two projects are certainly serious and could be pathfinders for a whole host of co-located solar/battery projects.
WillGresham House back some of this new generation?
Elizabeth Line’s £29million Fares Bonanza As Passenger Numbers Hit New High
The title of this post, is the same as that of this news item on msn.
These four paragraphs outline the story.
The Elizabeth line has enjoyed a £29m fares income bonanza due to record passenger numbers, it was revealed on Wednesday.
But the positive state of its finances – alongside a prediction that it will break even this year – came as line managers belonging to the TSSA union announced they would strike on May 24 in an unresolved pay battle.
This threatens to close the central section of the £20bn line, between Paddington and Abbey Wood, and embarrass Mayor Sadiq Khan and Transport for London as the walkout falls on the first anniversary of its opening.
Latest figures from TfL show the Elizabeth line is carrying 3.5m passengers a week – and at times almost four million.
After the experience of continuously rising passenger numbers after the opening of the London Overground, it looks like the so-called mathematicians of Transport for London have got their numbers wrong again.
I have some thoughts.
When There’s A Sniff Of Money, The Unions Strike
This seems to be the case.
Perhaps Now Is The Time To Expand The Elizabeth Line?
I would add extra services between Oxford and Southend Victoria.
The extra fare revenue could be spent on trains.
MONTE and Eviation Sign Deal For Up To 30 All-Electric Alice Aircraft
The title of this post, is the same as that of this press release from MONTE.
These are the first two paragraphs.
MONTE is delighted to announce that it has entered into a Letter of Intent with Eviation, a leader in clean-sheet, all-electric aviation, to purchase up to 30 all-electric Alice Aircraft.
The Alice is a clean-sheet design, 9-seater aircraft built with industry leading MagniX electric propulsion systems. It is the only flight proven all-electric aircraft of its size. MONTE will provide financing and leasing solutions for the Alice and its associated charging infrastructure to its global customer base of regional aircraft operators.
My experience includes.
- As an engineer, experimenting with battery-powered rechargeable instruments in the 1960s.
- As a pilot, I have over a thousand hours in command of a Cessna 340A, which was powered by two piston engines.
- As a driver, I have owned and driven some of Colin Chapman’s composite masterpieces.
- As a financier, I have owned half of a finance company that leased large trucks.
The Alice may look futuristic, but it is based on proven engineering, manufacturing and aviation principles.
My leasing experience, leads me to believe, that leasing these aircraft could be a sound business.
I am looking forward to my first flight.
US Offshore Wind Pipeline Blows Past 51 GW, Report Says
The title of this post, is the same as that of this article on offshoreWIND.biz.
This is the sub-heading.
The American Clean Power Association (ACP) has released a report on the US offshore wind market, outlining a rapidly growing pipeline of projects across 32 leases totaling 51,377 MW of expected capacity which is enough to power the equivalent of more than 20 million homes.
The American wind market seems to be powering ahead.
If the pattern of offshore oil and gas from the last century, repeats itself, there’s going to be a lot of money made and jobs created.
The report talks of the following.
- 83,000 jobs by 2030.
- $25 billion of economic output.
- Thirty new ships built in domestic shipyards.
Are we geared up for proportionate numbers in the UK?
Seabed Power Grid To Link North Sea Wind Turbines
The title of this post, is the same as that of this article on the BBC.
This is the sub-heading.
A vast power grid on the seabed of the central North Sea is being planned as part of a £20bn project to power oil and gas platforms with green electricity.
Points in the article include.
- There could be more than 400 offshore turbines.
- If they were 15 MW turbines, that would be at least 6 GW.
- The plan could involve 10,000 jobs, many of which could be in the supply chain in Scotland.
- The plan is for three connected large sea areas in the central North Sea covering nearly 400 square miles.
- Infrastructure could be in place by 2028.
- Scotland was among the most investable countries in the world for floating wind farms.
- Partners include experienced companies like NOV, Siemens Gamesa, Siemens Energy, DEME and Worley.
- Nearly a third of the world’s current order pipeline for floating wind is destined for Scottish waters.
In Cerulean Winds Is A Different Type Of Wind Energy Company, I said, the project is privately-funded. and will need no government subsidy .
This article on offshoreWIND.biz is entitled Cerulean North Sea Renewables Grid To Power Oil & Gas Platforms With Floating Wind finishes with this paragraph.
Cerulean has agreed on an approach with its industrial partners early to de-risk the project in the same way other large-scale infrastructure developments are initiated, the company said. In total, the three wind farms could contribute over GBP 12 billion GVA to the UK’s economy.
Do you believe in magic money trees?
The Original Cerulean Press Release
This press release on the Cerulean Wind web site, gives more details.
Read it and you might get some measure of the ambition of the company.
Questions And Thoughts
In Cerulean Winds Is A Different Type Of Wind Energy Company, I answer a few questions at the end of the post, and come to this conclusion.
It looks like Cerulean Winds are a very different energy company.
If you have any more questions, put them in the comments and I’ll answer them, as best as I can in the related post.
Ørsted Posts All-Time High Offshore Wind Earnings
The title of this post, is the same as that of this article on offshoreWIND.biz.
This is the sub-heading.
World’s leading offshore wind developer, Ørsted, has reported DKK 6.9 billion (EUR 926 million) operating profit (EBITDA) for the first quarter of 2023, DKK 2.5 billion less compared to the same period a year earlier.
For those, who are sceptical about offshore wind, these results must surely pour cold water on your views.
The profits also appear to have in part been driven by the commissioning of the Hornsea Two wind farm.
Denmark Launches World’s First Power-to-X Tender
The title of this post, is the same as that of this article on offshoreWIND.biz.
This is the sub-heading.
The Danish Energy Agency (DEA) has invited bids to build and operate Power-to-X projects with a deadline for applications set to 1 September. Through the tender – the first of this kind in both Denmark and the world – the country has made available DKK 1.25 billion (approximately EUR 167.7 million) in state support for the production of Power-to-X in the form of green hydrogen.
This paragraph outlines the deal.
The tender is being held to procure hydrogen produced by using renewable energy sources and is part of Denmark’s goal to reach between 4 and 6 GW of electrolysis capacity by 2030 and its Power-to-X strategy, released in 2021, according to which the country’s offshore wind resources provide good conditions for the production of green hydrogen, which requires large amounts of green electricity.
These are the conditions.
- Only hydrogen that is produced from renewable energy sources and meets the EU’s documentation requirements for green PtX fuels is eligible for support.
- The winning bidder(s) must have the project(s) built to full capacity and start green hydrogen production within four years of signing the contract with the Danish Energy Agency.
The tender has been approved for state aid by the European Commission.
I can see all the large electrolyser builders getting their bids ready for what will be tough competition.
Meet HiiROC, The Startup Making Low-Cost Hydrogen Free From Emissions
The title of this post, is the same as that of this article on UKTN.
This article explains the technology behind, what I feel is one of the most promising start-ups, I’ve seen.
It is certainly a must read.
This paragraph explains how they plan to lease the machines.
It plans to bring in revenue by leasing its machines to companies charging on the output of hydrogen and carbon.
That is almost how we sold the Artemis project management software, I wrote over forty years ago.
- Our bank manager liked it, as we were leasing to companies like BP, Chevron and Shell.
- His bosses liked it, as leasing companies don’t normally have that dodgy word; innovation.
- Our in-house accountant liked it, as we had an easy to predict cash flow.
- Our customers liked it, as all they had to provide was a 13-amp socket and paper for the printer.
It was a model that served us well.
Conclusion
The more I learn of HiiROC, the more I like the company.
Centrica And UK Infrastructure Bank Announce Significant Investment Into Sustainable Electricity Funds
The title of this post is the same as that of this press release from Centrica.
This is the sub-heading.
Funds set to help supercharge UK’s transition to cleaner, greener energy
These four paragraphs outline the investment.
Centrica and UK Infrastructure Bank have today announced they are investing up to £265 million in sustainable energy storage to help drive the country’s transition to a cleaner, greener and more resilient electricity network.
The proposed investment will support the development of new energy storage, following the Bank’s expression of interest to find innovative ways to fund and increase the nation’s storage capacity.
The Bank will invest £75 million on a match funding basis into the Gresham House Secure Income Renewable Energy & Storage LP (SIRES) alongside a £65 million investment from Centrica.
UK infrastructure Bank has committed to invest £125 million on a match-funding basis into Equitix UK Electricity Storage Fund.
Note.
- Centrica describes itself on its web site, as an energy services and solutions company.
- The Wikipedia entry for the UK Infrastructure Bank, says it is a British state-owned development bank.
- The Equitix web site has a mission statement sating it is a responsible investor, investing in, developing and managing global infrastructure assets, which materially contribute to the lives of the communities they serve.
By supporting two energy storage funds, it is to be hoped that more electricity storage is added to the UK electricity network.
This is a paragraph in the press release.
Currently National Grid forecasts show that up to 29 GW of total storage could be needed by 2030 and up to 51 GW by 2050. This is a huge increase on the 5 GW currently available and means there is a clear need to accelerate deployment of capital and investment in new storage projects.
I doubt there will be any problems deploying new energy storage.
The press release then has a paragraph on what each fund will do with the money.
Gresham House Secure Income Renewable Energy & Storage LP (SIRES)
I will pick these important points from the paragraph.
- Centrica and the UK Investment Bank will invest on a matched funding basis.
- Centrica will be a cornerstone investor, and this marks the first time the business has invested in such a fund.
- Collocation of renewable generation and short duration electricity storage facilities to help maximise grid connections.
- The seed asset will be a collocated solar and battery energy storage project in Hartlepool, County Durham, with 50 MWp solar capacity and 75 MWh of battery energy storage.
- Centrica will seek to provide a route-to-market for the assets in the fund once they become operational.
You could almost consider this a When the wind doesn’t blow and the sun doesn’t shine fund.
Equitix UK Electricity Storage Fund
I will pick these important points from the paragraph.
- The Bank will support the launch of the fund by committing to invest up to £125million on a match-funding basis.
- The fund will focus on a combination of innovative business models across both short and long duration storage. Short duration strategies may include installation in households and at underutilised commercial premises, as well as co-location.
- The fund will also aim to deploy a range of long duration storage technologies, such as pumped-hydro.
Does a range of technologies mean that they will support new storage technologies?
Hulam Farm, Hartlepool
This page on the Lightsource-BP web site is entitled Proposed Solar Installation At Hulam Farm.
This is the first paragraph.
The proposal involves Lightsource bp funding the development of a solar installation that will connect into the local electricity network, with an output power capacity of 49.9MW (Megawatts).
Could this be the solar part of the Hartlepool project mentioned in the press release?
- Lightsource BP are experienced funders of solar farms.
- Gresham House have built many batteries of the size needed.
- I don’t think technically, there will be too many problems.
I shall watch this development with interest.
What’s In It For Centrica?
I have to ask this question.
Consider.
- Centrica is part-owner of the 270 MW Lincs offshore wind farm, which was commissioned in September 2013.
- Centrica is half-owner of the 194 MW Lynn and Inner Dowsing wind farm, which was commissioned in March 2009.
- Both these wind farms have separate substations in Lincolnshire.
- Centrica also have interests in two onshore wind farms in Scotland, that have a combined capacity of 98 MW.
I wonder how many times these wind farms have been shut down because of too much electricity?
Will Gresham House pit batteries on these sites?
The Anonymous Widower 