The renewable energy industry is seeing more and more auctions taking place as governments around the world seek the greatest value through competition. To compete, you need to sharpen your pencils across the board whilst still maintaining the balance between risk and reward.
The first seabed leasing round of its kind in the UK for a decade, TCEFs Tom Charlesworth was delighted to have provided winning bid advisory to the Grupo Cobra and Flotation Energy consortium for their 480MW Morecambe Bay project.
The UK government CfD used to provide Offshore Wind early awards upwards of £100/MWh. Today, although prices have come down signficiantly, the CfD provides the certainty needed for lenders to finance these projects. SDIC Red Rock Power were provided investment management for their CfD bid by TCEFs Tom Charlesworth in CfD Allocation Round 3 for the Inch Cape project which narrowly missed out on achieving auction success.
The Capacity Market is the UK government auction to help maintain security of supply and provide a route to market for new build, large scale projects capable of balancing the system. TCEFs Tom Charlesworth helped to bring a new build Open Cycle Gas Turbine (OCGT) online through achieving Capacity Market auction success. The project, InterGen's 300MW Spalding OCGT, cleared the 2016 auction at £22.50/kW and completed construction in 2019.
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