2017-09-19
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Wind Energy Keyword: "Race Bank"

Latest Wind Energy News

  • Jan De Nul Group completes Race Bank export installation 09/07/2017
    ...Jan De Nul Group completes Race Bank export installation Jan de Nul finishes Race Bank installation Jan De Nul successfully installed two export... completion of the installation and burial of the export cables for DONG Energy’s  Race Bank Wind Farm in the United Kingdom. Jan de Nul, export cable...
  • Strong strategic progress and raised outlook for the year 08/10/2017
    ...% of the German offshore wind farm Borkum Riffgrund 2 to Global Infrastructure Partners First power from Race Bank and inauguration of the Burbo Bank... agreements as Q2 2017 was positively impacted by gains related to the farm down of 50% of Race Bank Return on capital employed (adjusted ROCE, last 12 months) was 18% compared with 15% at the end of June 2016 Cash flow from operating activities amounted to DKK -1.8 billion in Q2 2017, a decrease of DKK 3.1 billion compared with the same period last year. The decrease was primarily due to early settlement of intra-group hedging contracts related to the oil and gas business as well as more funds tied up in working capital due to a high level of construction activity on offshore wind farms Gross investments totalled DKK 4.3 billion and related primarily to the construction of Walney Extension, Race Bank and Hornsea 1 in the UK as well as Borkum Riffgrund 2 in Germany Net debt increased by DKK 3.8 billion in Q2 2017 and amounted to DKK 10.3 billion by the end of June 2017. DONG Energy (Nasdaq OMX: DENERG) is one of Northern Europe's leading energy groups and is headquartered in Denmark. Around 6,500 ambitious employees develop, construct and operate offshore wind farms, generate power and heat from our power stations as well as supply and trade in energy to wholesale, business and residential customers. In addition, we produce oil and gas, and a process has been initiated to divest this business unit. The continuing part of the Group has approximately 5,800 employees and generated revenue in 2016 of DKK 61 billion (EUR 8.2 billion). Read more at www.dongenergy.com. Commenting on the interim financial report, Henrik Poulsen, CEO and President, said: ”H1 showed strong strategic progress supplemented by good financial and operating results. Our expectations for partnership income in H2 2017 have increased, as we complete the divestment of 50% of Borkum Riffgrund 2 in 2017 instead of 2018. This means that we have raised our outlook for the Group’s operating profit (EBITDA) for 2017 to DKK 17-19 billion from previously DKK 15-17 billion, corresponding to an underlying growth of 18-32%. In May and June, we inaugurated the UK offshore wind farm Burbo Bank Extension and the German offshore wind farms Gode Wind 1 and 2. Furthermore, in May we produced the first power from Race Bank, which is expected to be commissioned in Q1 2018. Our offshore wind farms under construction are progressing according to plan. We are also continuing our efforts to expand our portfolio of offshore wind projects for construction after 2020. In July, we entered into a partnership agreement with the US-based energy company Dominion Energy concerning a development project off the coast of Virginia. The project will initially involve construction of a 12MW demonstration plant, which may pave the way for future cooperation on further offshore wind development in Virginia. We expect to submit a bid in the UK auction for the Hornsea 2 project on 14 August, and we expect to know the outcome of the auction in September. The deadline for submitting bids in the auction in Massachusetts, USA, is in the second half of December this year, and we expect to know the outcome of this auction in mid-2018 at the latest. We expect to commission the first commercial REnescience plant in Northwich in the UK, turning unsorted waste into green energy and recyclable materials, during Q3 2017. The plant is still in the ramp up phase, and the coming months will be devoted to optimising and monitoring production and quality, while working to mature additional REnescience projects. Our pipeline focuses on opportunities in the UK, the Netherlands and Malaysia. On 24 May, we announced an agreement to divest our oil and gas business to the British chemical company INEOS. The agreement is awaiting approval by the authorities in Norway, Denmark and the UK as well as other third parties. We expect the transaction to be closed by the end of Q3. Within one to two years we will likely have excess investment capacity compared to the target rating of BBB+/Baa1, assuming the current dividend policy, the current farm down model, the current Wind Power build out plan as well as the ambition of a 1 GW per year offshore wind build out from 2021-2025. The likely excess investment capacity materialises as more and more Wind Power assets come on line and start generating cash flow and has recently been positively impacted by the experienced decline in the build out cost per MW (LCoE). Value-enhancing, green growth opportunities beyond the current investment plan will be explored against tight strategic and financial criteria. This could include additional opportunities within offshore wind – which remains our core focus – as well as other renewable technologies and within our downstream, customer-facing business. After the farm down of Borkum Riffgrund 2 and the expected farm downs of Walney Extension and Hornsea 1, we will only consider farm downs as long as they are value creating in their own right. Any excess financial headroom will be returned to shareholders in a disciplined manner through increased annual dividends and/or share buyback. In recent years, our employees have made an outstanding contribution to transforming DONG Energy from a Danish company primarily focused on gas, oil and coal to being a global leader in renewable energy. They continue to pursue profitable, long-term growth and deserve huge recognition for their entrepreneurial spirit, diligence and hard work.” Outlook for 2017 On 7 August 2017, we raised our EBITDA guidance (business performance) from DKK 15-17 billion to DKK 17-19 billion. This corresponds to an underlying growth of 18-32%. The outlook for gross investments is unchanged relative to the annual report for 2016 and is still expected to amount to DKK 18-20 billion. Significant events after the interim financial report for Q1 2017: In May, we achieved first power at Race Bank and inaugurated the Burbo Bank Extension offshore wind farm. In June, we inaugurated the Gode Wind 1 & 2 offshore wind farms In May, we entered an agreement to divest the oil and gas business to INEOS In June, we decided to convert the Asnæs Power Station from coal to wood chips. The conversion is expected to be completed by the end of 2019 In July, together with Siemens, we agreed to divest A2SEA to Belgian GeoSea In July, we entered a strategic partnership with Dominion Energy to construct two 6MW turbines off the coast of Virginia, which may pave the way for future cooperation In August, we signed an agreement to divest 50% of Borkum Riffgrund 2 ...
  • First blades from Siemens Hull factory en route to Race Bank Offshore Wind Farm 07/24/2017
    ...First blades from Siemens Hull factory en route to Race Bank Offshore Wind Farm First blades from new Siemens factory on their way to offshore wind... farm The first blades from Siemens Gamesa's new blade factory in Hull are on their way to their destination - the offshore wind farm Race Bank, located...
  • DONG Energy Extends Order of Communications Hubs to Hornsea Project One Offshore Wind Farm 06/27/2017
    ... Project One SeaRoc Group has already provided a total of four SeaHub units to DONG Energy for the Race Bank and Walney Extension sites. SeaHub...
  • Newlist_windfair_logo_pos
    More Offshore Wind for the UK 05/19/2017
    ...More Offshore Wind for the UK Race Bank offshore wind farm off the east coast of England delivers first power DONG Energy, Race Bank, Siemens, Hull... Race Bank wind farm off the coast of Norfolk will consist of 91 Siemens turbines with a capacity of 6 MW each. For the first time now electricity from...
  • New SeaHub Communications System Deployed to More DONG Energy Sites 05/10/2017
    ... deployed for the Walney Extension site follows the initial launch of the unique system on DONG Energy’s Race Bank site earlier this year. Additionally... we have also installed two Crew Transfer Terminals on board crew transfer vessels at Burbo Extension and Race Bank. Twenty-three more Crew Transfer...
  • Macquarie-led consortium to acquire the Green Investment Bank 04/20/2017
    ... building the world’s largest bioenergy plant in Teesside, Race Bank, one of the UK’s largest offshore wind farms, installing over 2 million smart meters in UK homes, and retrofitting energy efficient street lighting in Nottingham and Tay Valley. More broadly, Macquarie has led over £35 billion of investment in UK infrastructure, including the National Grid gas distribution networks, the Mersey Gateway Bridge and the Edinburgh Hospital for Sick Children.  HM Government continuing to support the Green Investment Bank  The Green Investment Bank will continue the collaboration between UK Climate Investments (UKCI) and the Department of Business, Energy and Industrial Strategy. Macquarie is committed to UKCI and its vision to invest internationally.  Further, the UK Government will invest alongside the Green Investment Bank in a new green infrastructure investment platform which will comprise a small number of the Green Investment Bank’s existing investments.  Promoting green energy investment through the introduction of new investors Of the three new investment vehicles to be established upon completion, long term infrastructure investors  USS and MEIF5 will invest in the offshore wind investment vehicle, and USS and GCP Infrastructure Investments will invest in the low carbon lending platform. The Green Investment Bank will remain an investor in the offshore wind investment vehicle and the green infrastructure investment platform.  The introduction of these investors brings new private capital from day one and enables the Green Investment Bank to recycle capital into new projects while growing assets under management.  Martin Stanley, Global Head of Macquarie Infrastructure and Real Assets (MIRA), said: “The opportunity to deploy capital from MEIF5 into the Green Investment Bank’s offshore wind platform provides the fund with an attractive investment in a diverse portfolio of offshore wind assets in the UK. This acquisition will provide the investors in our fund, which include UK and international pension funds and institutions, with long-term exposure to well-managed businesses in well-regulated and established markets.”  Mike Powell, Head of Private Markets at USS, said: "This transaction has enabled USS to acquire a portfolio of high quality renewable energy assets on behalf of our members. The assets include offshore wind projects and a portfolio of renewable loans, illustrating our capability to invest across the capital structure. We look forward to continuing our relationship with the Green Investment Bank and finding new opportunities to invest in the low carbon economy in the UK."  Mr Wong said: “The future for green investment is very positive globally and the Green Investment Bank, combined with the Macquarie platform, will be well positioned to source opportunities and deploy capital. This acquisition is underscored by Macquarie’s decades-long commitment to the UK as an attractive place to invest, and is a clear continuation of Macquarie’s pioneering role in the infrastructure sector and our commitment to the low carbon economy.” The transaction is expected to complete in the first half of 2017 subject to regulatory approvals and is not material to Macquarie Group’s earnings and financial position.  ...
  • SgurrEnergy secures Race Bank construction and operations monitoring contract 03/24/2017
    ...SgurrEnergy secures Race Bank construction and operations monitoring contract Sgurr Energy Wins Construction Monitoring for Race Bank Offshore Wind Farm The contract will be followed by a 15-year operations monitoring phase SgurrEnergy, part of Wood Group’s clean energy business, has been awarded the construction monitoring contract of one of the UK’s largest offshore wind farms, which will be followed by a 15-year operations monitoring phase. Sgurr Energy, Race Bank, UK, offshore, array, monitoring Located almost 17 miles off the Norfolk coast, Race Bank Wind Farm’s offshore array will comprise of 91 state-of-the-art Siemens 6.3MW wind turbines and is expected to generate enough electricity for up to 400,000 homes across the UK. The renewable energy and grid integration consultancy helped bring the project to financial close for Firebolt RB Holdings Limited – the investment holding company owned by Macquarie Capital and Macquarie European Infrastructure Fund 5. Acting as technical advisor, SgurrEnergy’s engineers and consultants provided technical due diligence during the acquisition and project finance phases of the project. SgurrEnergy carried out a review of key technical and commercial aspects of the project including permits and consenting, civil, electrical and mechanical design, project participants, construction and project contracts, project schedule, operations and maintenance and a financial model review. The scope of the construction monitoring assignment includes regular monitoring of construction and installation, checking progress and confirming consistency with the final design and undertaking site visits including factory and a construction site visit. Marc Costa Ros, project manager at SgurrEnergy, said: “As one of the UK’s largest offshore wind farms, Race Bank Wind Farm has the potential to make a real difference to the environment by providing clean, sustainable and predictable power for homes across the UK. “We are extremely proud to be involved in such a project and look forward to working in close collaboration with Macquarie and the lenders involved in the project as we move into the construction and operation phases.” With offshore works already underway, Race Bank Wind Farm is expected to be in operation by early 2018. ...
  • Expanding Mine Map Helps Spot Danger at Danish Wind Farm Site 02/02/2017
    ... find UXO at the Rampion and Race Bank windfarm sites, from small rockets to high explosive bombs, as well as old cannonballs in the Solent ahead...
  • Newlist_logo.siemenswindpower
    Siemens dispatches first turbines from newly constructed Hull site 01/12/2017
    ... on the site. From May these will be shipped with other components to DONG Energy’s Race Bank wind farm off the Norfolk and Lincolnshire coast...
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