Deals this week: Dominion, Octopus, Siemens, PW Power Systems

28 September 2018 (Last Updated October 2nd, 2018 10:22)

Dominion Energy has agreed to sell its stake in three US power plants for $1.32bn.

Dominion Energy has agreed to sell its stake in three US power plants for $1.32bn.

Dominion has signed an agreement Starwood Energy Group Global to sell its 100% interest in the Fairless power station (Fairless) located in Pennsylvania and the Manchester Street power station (Manchester) located in Rhode Island for $1.23bn.

The Fairless and Manchester power stations are combined-cycle natural gas power plants with an installed capacity of 1.7GW.

The transaction also includes the $90m sale of a 25% stake in Catalyst Old River Hydroelectric Limited Partnership, which operates the 192MW Catalyst Old River Hydroelectric located in Louisiana.

Dominion Energy is a power and energy company, while Starwood Energy Group Global is an investment firm. Both companies are based in the US

Octopus has formed a partnership named Renewable Energy Income Partnership II (REIP II) with Korea Investment and Securities (KIS).

REIP II is a part of Octopus’s institutional investment strategy aimed at raising its total assets under management (AUM) of institutional funds to £2.3bn ($2.7bn). The partnership will invest £107m ($140m) towards Octopus’ renewable energy assets.

REP II is an extension of REP I, which is a £300m ($352m) fund supported by UK-based investors.

Based in the UK, Octopus is a commercial solar energy investor, while KIS is a brokerage firm based in Korea and a subsidiary of Korea Investment Holdings.

Siemens has signed an operation and maintenance (O&M) agreement with Egyptian Electricity Holding Company for three combined cycle gas-fired power plants in Egypt.

The three power plants, Beni Suef, New Capital and Burullus, have a combined capacity of 14.4GW and are capable of supplying electricity to 40 million people.

“The three power plants have a combined capacity of 14.4GW and are capable of supplying electricity to 40 million people.”

Siemens will install a total of 24 gas turbines, 12 steam turbines, 36 generators, 24 heat recovery steam generators, and three 500kV gas-insulated switchgear systems, along with its Omnivise digital service solutions at the three power plants.

Based in Germany, Siemens is a provider of electrification, automation and digitalisation solutions, while and Egyptian Electricity Holding Company is a state-owned electricity transmission company based in Egypt.

PW Power Systems (PWPS) has entered an agreement with Zomet Energy to develop a 400MW natural gas-fired power plant in Israel.

The power plant will feature six FT4000 SWIFTPAC aero-derivative gas turbines based on PWPS’s aircraft engine technology and designed for simple-cycle, combined-cycle and cogeneration applications. This simple-cycle power plant will be capable of generating up to 400MW.

PWPS’s engineering, procurement and construction company, Energy Services, will be responsible for the design, construction, commissioning and long-term maintenance of the power plant.

Based in the US, PWPS provides a range of aero-derivative gas turbine products and services and is a subsidiary of Mitsubishi Hitachi Power Systems. Zomet Energy is an Israel-based subsidiary of power plant developer OPC Energy.

Natural Resources Canada has agreed to grant C$29.7m ($22.9m) in funding to DP Energy towards developing a 9MW tidal power project in Nova Scotia.

Funds are being provided under the Emerging Renewable Power Programme (ERPP), which is supported by Pan Canadian Framework on Climate Change. The plan aims to reduce greenhouse gas emissions in Canada through renewable energy sources.

The tidal project will feature five Andritz Hydro Mk1 1.5MW sea-bed mounted tidal turbines and a single SR2-2000 floating turbine.

Natural Resources Canada is a part of the Canadian Government, while DP Energy is a renewable energy company and based in the same country.