The European Investment Bank (EIB) is set to offer £500m to improve the power transmission network in Scotland.The project will include a 1,200MW subsea cable between Spittal in Caithness and Blackhillock in Moray. It aims to upgrade connections between wind, wave and tidal renewable energy schemes and the national power network. Scottish Hydro Electric Transmission, a wholly-owned subsidiary of SSE, is building the project, which is due for completion in 2018. The company is investing over £1.1bn in the project.Once operational, the new link is expected to supply equivalent electricity to meet the needs of about 2m Scottish residents. The project is anticipated to create 600 construction jobs.EIB vice president Jonathan Taylor said: “Our strong partnership with SSE over many years demonstrates our firm commitment to support ambitious energy investment that creates jobs and benefits local companies.”
A consortium of Enel Green Power (EGP), Moroccan energy firm Nareva Holding (Nareva) and Siemens Wind Power has been pre-awarded a contract to design, construct, develop, finance, operate and maintain five wind projects in Morocco.The wind projects, awarded by Moroccan utility ONEE, will have a total capacity of 850MW. Construction on the projects is estimated to entail a total investment of about €1bn, which will be mostly financed through project finance facilities.Three wind farms, including the 150MW Midelt, 100MW Tanger, and 200MW Jbel Lahdid will be built in northern Morocco. The remaining two facilities, the 300MW Tiskrad and the 100MW Boujdour, will be constructed in southern Morocco.EGP and Nareva will set up and own five special purpose vehicles holding the projects. Siemens Wind Power will offer the wind turbines, with several components manufactured locally.The wind farms are expected to be completed and become operational between 2017 and 2020. Energy produced by the facilities will be sold to ONEE under 20-year power purchase deals. EGP CEO Francesco Venturini said: “We are leveraging on our knowledge and expertise, in collaboration with our partners, to contribute to Morocco’s ambitious energy plan that has renewables at its core. “The country is an example in North Africa of reliability and transparency in supporting the development of renewable technologies.”
Holliday Fenoglio Fowler (HFF) has received $265m in funding for the development of 160 Leroy Street luxury condominium project in Manhattan, New York.
A joint venture led by Norwegian state-owned utility Statkraft has announced plans to invest about €1.1bn in Europe's largest onshore wind power project in central Norway.
ScottishPower Renewables is set to invest £2.5bn on its East Anglia ONE offshore wind farm project in the UK.