Repsol's Argentina refinery.Oil companies world wide are joining the 'rush to wind'.
The unseemly and often 'pigs around a feeding trough' scramble for a slice of the hugely lucrative wind power pie by global energy corporations was thrown into sharp focus in the surreal alliance of companies and agencies falling over themselves to take advantage of the Scottish governments' largesse in this area .Particularly since the election of Wind power crusader ( and some would say corporate stooge! ) Alex Salmond in the recent Holyrood elections.
Following German company RWE's exit from the world's biggest off shore wind farm project off the coast of Angus, it emerged yesterday that Spanish oil company Repsol is buying the developer, SeaEnergy Renewables Ltd, in a deal reported to be worth £40 million. Repsol has lined up a Portuguese partner to help build the Inch Cape project, which has received a £1m investment from the Crown Estate. The Crown Estate is the property portfolio of the English monarchy and the profits it makes from its investments go into the treasury.
Also in the wind power frame are Japanese Motor and Electronics company Mitsubushi.
Salmond boasted that "Scotland is uniquely positioned to develop this exciting industry and major companies like Doosan, Gamesa and Mitsubishi have already announced plans to develop their offshore wind interests here.”
The Crown Estate awarded the Inch Cape site to a consortium led by RWE in February 2009, but in May last year German firm said it was abandoning the project, citing its pre-occupation with other onshore and offshore renewable energy commitments.
A Crown Estates statement said the future of the project had been secured with its investment. It said: “The £1m sum has enabled work on the site to continue to plan, and safeguards a key element of the Scottish Territorial Waters project. Gareth Baird, the CE’s Scottish Commissioner, said: “This investment demonstrates the critical role played by the Crown Estate in helping to drive the Scottish offshore wind industry.
The sale of SeaEnergy Renewables Ltd, the offshore wind unit of Aberdeen-based SeaEnergy PLC, to Repsol subsidiary Repsol Nuevas Energias is subject to approval by SeaEnergy PLC shareholders.
When the deal is completed, Repsol will bring in EDP Renewables, Portugal’s largest industrial group and one of Europe’s main energy companies, as a partner in the Inch Cape project.
The Inch Cape development off the coast of Angus will see an estimated 180 turbines installed 10 miles off the coast. Overtaking the Thanet wind farm off the coast of Kent as the world's largest off shore wind farm. Profits from the project will run in billions of pounds during the lifetime of the project.
The unseemly and often 'pigs around a feeding trough' scramble for a slice of the hugely lucrative wind power pie by global energy corporations was thrown into sharp focus in the surreal alliance of companies and agencies falling over themselves to take advantage of the Scottish governments' largesse in this area .Particularly since the election of Wind power crusader ( and some would say corporate stooge! ) Alex Salmond in the recent Holyrood elections.
Following German company RWE's exit from the world's biggest off shore wind farm project off the coast of Angus, it emerged yesterday that Spanish oil company Repsol is buying the developer, SeaEnergy Renewables Ltd, in a deal reported to be worth £40 million. Repsol has lined up a Portuguese partner to help build the Inch Cape project, which has received a £1m investment from the Crown Estate. The Crown Estate is the property portfolio of the English monarchy and the profits it makes from its investments go into the treasury.
Also in the wind power frame are Japanese Motor and Electronics company Mitsubushi.
Salmond boasted that "Scotland is uniquely positioned to develop this exciting industry and major companies like Doosan, Gamesa and Mitsubishi have already announced plans to develop their offshore wind interests here.”
The Crown Estate awarded the Inch Cape site to a consortium led by RWE in February 2009, but in May last year German firm said it was abandoning the project, citing its pre-occupation with other onshore and offshore renewable energy commitments.
A Crown Estates statement said the future of the project had been secured with its investment. It said: “The £1m sum has enabled work on the site to continue to plan, and safeguards a key element of the Scottish Territorial Waters project. Gareth Baird, the CE’s Scottish Commissioner, said: “This investment demonstrates the critical role played by the Crown Estate in helping to drive the Scottish offshore wind industry.
The sale of SeaEnergy Renewables Ltd, the offshore wind unit of Aberdeen-based SeaEnergy PLC, to Repsol subsidiary Repsol Nuevas Energias is subject to approval by SeaEnergy PLC shareholders.
When the deal is completed, Repsol will bring in EDP Renewables, Portugal’s largest industrial group and one of Europe’s main energy companies, as a partner in the Inch Cape project.
The Inch Cape development off the coast of Angus will see an estimated 180 turbines installed 10 miles off the coast. Overtaking the Thanet wind farm off the coast of Kent as the world's largest off shore wind farm. Profits from the project will run in billions of pounds during the lifetime of the project.
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→Oil and car corporations jostle with the monarchy for massive wind profits.
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