French oil company Total has bought a 51 per cent stake from utility SSE in the development of a massive wind farm off the coast of Scotland.
The £70 million investment ($88m/Dh323m) in the Seagreen 1 wind farm will be Total’s first significant foray into offshore wind as it seeks to expand its green energy business. SSE could also be in line for future payments of £60m based on certain performance conditions, Total said.
As European countries increasingly turn to wind farms at sea to deliver low-carbon power, the project is a first step for the oil major to become a significant player in the industry.
As part of an announcement that it reached financial close on the 1,140 megawatt project, SSE said it’ll also buy 30 per cent of the wind farm’s power capacity. Last year, the company secured a contract with the government to sell about 40 per cent of the power at a fixed price of £41.61 per megawatt hour.
“It could be the perfect project for exposure to evolving offshore wind projects,” said Tom Harries, a wind analyst at BloombergNEF. “If you are an oil and gas company wanting to go big in offshore then you want to know how future projects might look, not the old stuff.”
SSE Renewables was advised by Jefferies International Limited and Linklaters on the transaction. Total was advised by RBC Capital Markets.
The mix of government-guaranteed prices and market exposure could be a glimpse of the future as green power shifts away from a reliance on subsidies. Oil companies, with their big balance sheets, have an opportunity to play a key role in that transition. Seagreen will be the first offshore wind farm in the UK that doesn’t have full government support.
Total now has stakes in 5 gigawatts of renewable-power capacity. It targets a portfolio of 25 gigawatts by 2025.
SSE’s renewables arm will lead the development and construction of the Seagreen wind farm, which is expected to cost £3 billion to construct, including £500m for transmission, SSE said in a statement.
Designed to cover the energy needs of around 1 million homes, the project will be completed by 2023. Once finished, it’ll be Scotland’s largest offshore wind farm.
The purchase agreement also includes a potential extension to capacity of up to 360MW. The transaction remains subject public authorities approval and should be finalized by July 2020.
MHI Vestas Offshore Wind A/S will deliver 114 10-megawatt turbines for the project.
Company%20Profile
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BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The%20specs
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Thor%3A%20Love%20and%20Thunder%20
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