Foresight acquires solar portfolio

Fifteen solar farms with a combined capacity of 114MW have been bought by the Foresight Solar Fund for £47 million.

London-listed Foresight raised £48.1m in July to fund the acquisition.

Further due diligence is being carried out on a further three solar farms identified as potential targets alongside the 15 that have already been bought.

> See Foresight Solar's statement

 

Low-carbon energy storage initiative gets go-ahead

The University of South Wales has secured £2.3 million of European Union cash to fund the development of low-carbon technologies and energy-storage products.

The rest of the finance for the £3.5m project at the Centre for Automotive and Power Systems Engineering will come from the university and its industrial partners.

Small businesses will be able to work with the university on projects as part of the Smart Energy Storage Solutions Hub scheme.

> Read the Welsh Government's announcement

 

Lloyds won’t fund new coal

Lloyds Banking Group has decided not to fund the construction of any further coal-fired power stations or mines that will extract coal for power stations.

David Oldfield, Group Director, Commercial Banking, said: “We are already committed to supporting businesses that are leading the way by investing in renewable energy and a cleaner future, including those that are diversifying their business models away from fossil fuels.

“To achieve the aims set out in the 2015 Paris Agreement, continued reduction in the amount of coal mined and used to generate electricity is needed.”

> View Lloyds' announcement

 

UK churches to convert to renewables

More than 5,500 churches have now switched to using renewable electricity, with 15 cathedrals including Liverpool, Salisbury and Southwark among those that have made the change.

The Church of England has switched its Parish Buying bulk energy purchase procurement initiative to renewable electricity, boosting the figures.

News of the conversion came as the Church of England highlighted the findings of the latest report from the Transition Pathway Initiative – of which the church is a member – which found that business strategies are failing to keep pace with the need to decarbonise.

> Download the Transition Pathway Initiative's report

 

Renewables investor sees profits surge

The Renewables Infrastructure Group (TRIG) has posted a 51% year-on-year surge in half-year pre-tax profits to £47.3 million.

Higher power prices and increased output helped to offset slower wind speeds.

The London-listed company added a further 117MW of capacity during the opening half of the year, taking its total to 938MW.

> Read TRIG's results