Orsted Seeks Ways to Avoid Brexit Tariffs
Denmark's Orsted is looking at ways to avoid potential tariffs on imports of components for its multi-billion pound British offshore wind farms in the event of a disorderly Brexit, the company's UK chief told Reuters.With only 16 days before Britain is due to leave the European Union, there is still no ratified divorce deal, leading business to fear a "no-deal" exit that could see World Trade Organisation (WTO) tariffs applied to some goods.Analysts at Wood Mackenzie say around two-thirds…
World’s Largest Offshore Wind Farm Generates First Power
The first turbine of the 1,218-MW Hornsea 1 offshore wind farm in the North Sea, the world’s biggest such facility, has been installed and is now generating power.Matthew Wright, UK managing director of Danish energy group Ørsted A/S, described the installation of the first turbine as "a globally significant milestone".Ørsted co-owns the project with Global Infrastructure Partners (GIP) after selling a 50% stake to the latter in November 2018. Ørsted began offshore construction just over a year ago…
Hornsea One Export Cable Installation Completed
The installation of export cables at the world's largest offshore wind farm, Hornsea One in the North Sea off the coast of England, has been completed several months ahead of schedule, Danish operator Ørsted announced Tuesday.With offshore export cables totaling 467km, plus an onshore cable route of 38km connecting each of the three strings to the national grid, it is the longest AC offshore wind export cable system ever to have been installed. The cables were manufactured by NKT at their…
Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm
Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020.As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract.
Devon Energy to Sell EnLink Midstream Stakes
Oil and gas producer Devon Energy Corp said on Wednesday it plans to sell its stakes in EnLink Midstream for $3.13 billion cash in a bid to streamline assets and pare debt."The EnLink proceeds, combined with proceeds from the non-core E&P assets already sold and those currently being marketed, will exceed our $5 billion divestiture target," Chief Executive Officer Dave Hager said in statement.Shares of the company rose more than 6 percent to $41.85 before the bell.Devon is trying to simplify its asset portfolio, cut costs and at the same time return cash to shareholders.
Repsol, Criteria to Sell 20% of Gas Natural to GIP
Spain's Repsol and Criteria Caixa, the holding company that owns Caixabank , have agreed a 3.8 billion-euro ($4.27 billion) deal to each sell a 10 percent stake in Gas Natural to Global Infrastructure Partners, they said. GIP, a New York-based infrastructure fund, will pay 19 euros a share for the combined 20 percent stake, the companies said, above Monday's closing price of 18.51 euros. (Reporting by Carlos Ruano and Sarah White, Editing by Susan Thomas)
Repsol, Criteria Caixa mull Gas Natural stake sale
U.S. investment fund in preliminary talks to buy stake; twenty pct stake has market value of around $4.2 billion. Spanish oil firm Repsol and Criteria Caixa, an industrial holding company that owns Caixabank, said on Thursday they were in talks with various investors to each sell around 10 percent of Gas Natural . Two sources familiar with the matter told Reuters earlier that U.S. investment fund Global Infrastructure Partners (GIP) is in preliminary discussions with Repsol and Criteria to buy part of Gas Natural. Repsol and Criteria did not confirm which investors they were talking to.
Dong Energy, GIP Partner for Offshore Wind Project
Press release - Global Infrastructure Partners (GIP) announced that its fund, Global Infrastructure Partners II (GIP II), has agreed to acquire a 50 percent stake in the Gode Wind 1 offshore wind farm project (Gode Wind 1) from Danish integrated energy company DONG Energy for a total consideration of $848 million. Gode Wind 1 is a 330MW offshore wind project in the German North Sea currently being constructed by DONG Energy. The parties have agreed that DONG Energy will provide operation and maintenance services to Gode Wind 1 and a route to market for the power production from Gode Wind 1.
Hess to Shed Half of Bakken Assets
Oil and natural gas producer Hess Corp said it will sell half of its Bakken midstream assets to Global Infrastructure Partners for $2.68 billion. The joint venture, valued at $5.35 billion, plans to file for an initial public offering, upon closing of the transaction, Hess said on Thursday. Hess said in July it plans to form a publicly traded master limited partnership comprising its pipeline and storage assets in North Dakota's Bakken oil shale field. Reporting by Amrutha Gayathri
Markets Drift Higher as YPF Makes Opportunistic Tap
Market focus remained firmly on upcoming Petrobras results and Argentina's latest market foray as Latin America credits drifted higher Wednesday morning. Bonds issued by Brazilian oil company Petrobras were flat with the 2024s being quoted at a spread of 450bp as investors braced for the much anticipated release of audited financial results after the market close today. Investors are largely keeping their powder dry in what remains a vulnerable Brazilian credit market given that any bad news could spark a sell-off in Petrobras debt.
Argentina, Petrobras Drive Price Action in Slow Session
The looming release of Petrobras's financials and a local bond sale from Argentina were the main drivers of price action Tuesday in what was otherwise a quiet session for Latin American credits. The beleaguered Brazilian oil company confirmed today that it would disclose its long-awaited audited 2014 financials after the close Wednesday, providing more support to bond prices. Petrobras bonds were closing off their highs but spreads were ending tighter, with the 2024s being quoted at 450bp-440bp, tighter on the day by 5bps.
Veresen Buys Stake in Ruby Pipeline
Veresen Inc said it would buy Global Infrastructure Partners's 50 percent convertible preferred interest in Ruby pipeline system for $1.43 billion. The company, which operates pipelines and gas-processing facilities, said the pipeline has a capacity of about 1.5 billion cubic feet per day (bcf/d), with a potential to expand to 2 bcf/d. El Paso Pipeline Partners, a unit of Kinder Morgan Inc , holds the remaining 50 percent interest in the pipeline, which delivers U.S. Rockies natural gas to markets in the western United States, through a common equity interest.
NRG Yield Will Buy Largest U.S. Wind Farm for $870 mln
NRG Yield Inc, a unit of NRG Energy Inc, said it would buy California's Alta Wind Energy Center, the largest wind farm in North America, for $870 million. The acquisition totals 947 megawatts of operating wind capacity and includes a portfolio of land leases associated with the Alta Wind facility, NRG Yield said on Wednesday. The deal is expected to increase NRG Yield's annual run-rate earnings before interest, taxes, depreciation and amortization (EBITDA) by about $220 million. Alta Wind…
