Ocean Energy Joint Venture Formed

Perth-based Scottish and Southern Energy (SSE) and the Services Division of Glasgow-based Weir Group PLC have agreed to form a joint venture which will invest in the development of renewable power generation and control systems.

Perth, Scotland – April 1, 2003 [SolarAccess.com] The purpose of the joint venture is to stimulate new technologies for wave and tidal energy and other related technologies, through the provision of a dedicated fund. Its launch follows the publication of the UK Government’s Energy White Paper, which said that key to realizing the full potential of renewables over time is the generation of innovative ideas which will bring on new technologies as well as improving existing ones. Projects may range from research studies to the development of operational trials for new equipment. The joint venture will invest in new technologies and will provide funding for, and investment in, prototype and other renewable projects, and may become involved in the manufacture and maintenance of renewable systems. SSE will be looking for projects which would lead to the generation of electricity which would qualify for Renewable Obligation Certificates (ROCs) under the Government’s program for developing Renewable Energy sources. Weir Group will be looking for the opportunity to increase its customer offering in terms of new products and services. Each company is committing an equal amount of money, time and resource to the joint venture, which will run for three years. The companies have an established working relationship through SSE’s program of refurbishment of its hydroelectric power stations, for which Weir Group has provided a range of services. According to the company, SSE is the largest generator of electricity from renewable sources in the UK, owning and operating around half of the total renewable generation capacity.

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