Friday 30 October 2015

Chinese firm buys stake in 1.1GW UK wind project

A Chinese energy firm has signed an agreement to buy a stake in a 1.1GW offshore wind farm in Scotland.

The deal allows China Three Gorges Corporation (CTG) to buy up to 30% stake in the Moray offshore wind project.

It will initially invest between 10%-20% when the UK Government announces a new Contract for Difference (CfD) allocation round.

If the Moray project wins a CfD, CTG will make an additional investment of up to 10%.

The wind farm is expected to generate enough electricity to power around 700,000 homes.

China also announced it will invest £6 billion to build a new nuclear power station at Hinkley Point in the UK.

Oil giant BP has signed a deal worth £10 billion to supply liquefied natural gas (LNG) to China.