Offshore Wind Sees New Capital Investments

MarineLink.com
Wednesday, July 31, 2013
stock photo

With the support of technical due diligence advice from GL Garrad Hassan, Sumitomo Corporation and its subsidiary Sumitomo Corporation Europe last week agreed to invest significant amount of equity in two Belgian offshore projects.

The Belwind 1 operational wind farm and Northwind project together account for 127 wind turbines and 381 MW of generating capacity with total project cost of about €1,550 million. The investment by Sumitomo is further evidence that offshore wind is attracting new sources of equity capital. Sumitomo agreed to take 39% of Belwind 1 and 33% of Northwind.

Specialist engineering knowledge and skills from GL Garrad Hassan provided technical due diligence to Sumitomo Corp. The GL Garrad Hassan team examined the key areas of technical risk, including energy production, technology and design, asset status, contracts, grid and permitting.

The Sumitomo investment is the latest of a number of project finance deals involving alternative equity for European Offshore Wind Projects. This is seen as a healthy trend as it reduces the reliance on the already stretched balance sheets of European Utilities.


Finance

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

Offshore Energy

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

Heavy Lifting: Giant Pipe Racks Shipped for New FPSO

From Brazil to China and then back to Brazil, five pipe racks and three modules weighing a total of 1,871.51 metric tons and measuring 24,075 m³ will be transported

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0793 sec (13 req/sec)