London Electricity Invests in Wind Power

As part of a £6.5 million investment in renewable energy technology, London Electricity (LE) has bought Northern Electric’s wind power portfolio for £3.5 million.

LONDON, England 2002-02-14 [SolarAccess.com] The acquisition includes operational on-shore wind farms in the North East, at Kirkheaton and High Hedley Hope, as well as a proposed offshore development between the mouth of the River Tees and Redcar, known as Northern Offshore Wind Ltd. In a second agreement, LE has agreed to invest £3m in Marine Current Turbines Ltd. (MCT) in the South West. MCT has been awarded a research and development grant from the Department of Trade and Industry to install the first underwater turbine off the North Devon coast. The proposed investment will enable MCT to identify other potential sites around the UK coast, which has some of the world’s highest tidal currents. “Our acquisition of Northern Electric’s wind portfolio makes the group a significant wind power generator,” said LE chairman and chief executive, Bruno Lescoeur. “Our involvement with MCT proves that we are also committed to seeking novel ways to harness the UK’s natural resources to meet the company’s energy needs in future.” Britain’s Minister for Energy Brian Wilson is supportive of the acquisition. “London Electricity’s expansion into renewables is very good news,” Wilson said. “This is further evidence that renewables are moving into the mainstream of energy production.”

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