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On Heels of $2.3B Financial Close, Vineyard Wind Joint Venture Partners Announce Restructuring

September 23, 2021

The post On Heels of $ 2.3B Financial Close, Vineyard Wind Joint Venture Partners Announce Restructuring appeared first on POWER Magazine.

Partners developing the 800-MW Vineyard Wind 1 offshore wind farm have announced they will swap assets jointly owned by their 50/50 Vineyard Wind joint venture to allow each party to focus on its separate expansion within the burgeoning U.S. offshore wind industry once the 800-MW Vineyard Wind 1 offshore wind farm is operational.

The Vineyard Wind joint venture is equally held by Connecticut-based AVANGRID subsidiary Avangrid Renewables—a company whose majority (81.5%) shareholder is Spanish renewables giant Iberdrola—and Danish fund management company Copenhagen Infrastructure Partners (CIP). Restructuring will enable both companies “to leverage their strengths and expertise to continue to grow the U.S. offshore wind industry” and “better align project timelines with their separate strategic objectives,” the partners said on Sept. 21.

The development is noteworthy given that the partners recently raised $ 2.3 billion of senior debt to finance the construction of the Vineyard Wind 1 project.…

Hitachi Absorbs ABB Power Grids in New $10B Joint Venture

July 2, 2020

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The post Hitachi Absorbs ABB Power Grids in New $ 10B Joint Venture appeared first on POWER Magazine.

Hitachi on July 1 commandeered a majority share of ABB’s lucrative Power Grids business and officially launched a joint venture company—Hitachi ABB Power Grids. The new company, which already has a volume of about $ 10 billion, is expected to provide financial muscle to support ambitious projects and new business opportunities as the sector embraces decentralization and digitalization.

Japanese technology conglomerate Hitachi holds a 80.1% ($ 6.85 billion) stake in Hitachi ABB Power Grids, while Zurich-based ABB will hold the remaining 19.9% stake. ABB also holds a pre-defined option to exit the retained 19.9% shareholding three years after closing, and it is likely it will be bought out by Hitachi, which has said it will consider acquiring ABB’s share to make it a wholly owned subsidiary after 2023.

But for now, Hitachi ABB Power Grids will be headquartered in Switzerland and employ approximately 36,000 people in 90 countries.…

AECOM, EnergySolutions Joint Venture to Decommission San Onofre Nuclear Plant

December 27, 2016

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After a 10-month competitive bid process, Southern California Edison (SCE) has selected a joint venture of AECOM and EnergySolutions as the general contractor for the San Onofre Nuclear Generating Station (SONGS) decommissioning.

“We are pleased to announce the selection of the AECOM/EnergySolutions team, a global joint venture with extensive commercial and government decommissioning experience around the world, as the prime contractor to safely and efficiently dismantle the San Onofre nuclear plant,” said Ron Nichols, SCE president. The joint venture will be known as SONGS Decommissioning Solutions.

SONGS is one of the largest commercial nuclear plant decommissioning projects to take place in the U.S. with an estimated total cost of $ 4.4 billion including used fuel management, radiological decommissioning, and site restoration costs. The contract represents a significant portion of the work required to decommission the plant. The project is expected to create about 600 new jobs over the 10-year dismantlement and decontamination phase.

“We are currently decommissioning two nuclear power stations in Wisconsin and Illinois and are uniquely qualified for decommissioning projects with state-of-the-art facilities to process and dispose of waste that will be generated throughout the course of this project,” said Ken Robuck, president of Disposal and Nuclear Decommissioning at EnergySolutions.…