SSE to Invest in Greater Gabbard Offshore Wind Farm
Posted on: Friday, 16 May 2008, 06:00 CDT
Scottish and Southern Energy has confirmed that it will proceed with its investment in the 504MW Greater Gabbard offshore wind farm.
The development of the wind farm to this stage has been carried out by Greater Gabbard Offshore Winds, a joint venture between Airtricity, now Scottish and Southern Energy's (SSE) renewable energy development division, and Fluor International.
SSE has now entered into a contract with Fluor for the design, supply, installation and commissioning of the balance of the plant. Having secured the construction contract, Fluor International has agreed to sell its 50% stake in Greater Gabbard Offshore Winds to SSE for GBP40 million in cash. SSE intends to sell 50% of the project equity later in 2008.
A turbine reservation agreement with Siemens Wind Power for the supply of 140 3.6MW turbines was secured in 2007 and both parties have now agreed the turbine supply contract and the five-year service and warranty contract for the development.
Ian Marchant, CEO of SSE, said: "The UK wants to respond to climate change and become more self-sufficient in energy, so it makes sense to exploit the excellent resource that UK offshore wind represents. On completion, Greater Gabbard will be the largest offshore wind farm in the world and gives SSE the opportunity to build a significant share of the UK's offshore wind market."
Source: Datamonitor
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