Vattenfall has announced that it is to acquire Eclipse Energy UK, an upstream energy company developing low-carbon fuel supplies, primarily from natural gas and wind, for £51.5m.
‘As part of our strategy to reduce emissions, Vattenfall has ambitious plans within the renewable energy sector,’ said Lars G Josefsson, Vattenfall’s chief executive officer.
‘Vattenfall's view is that the UK is a suitable target market for its future renewables growth for a variety of reasons, including a well-functioning support system, a deregulated and competitive market for electricity and an openness to foreign investment.’
Eclipse's strategy is to develop, manage and own projects concerned with renewable energy and natural gas. The company has a permit for Ormond, the offshore wind-farm project in north west England, as well as natural-gas projects and five other wind-power projects in southern Wales.
Commenting on the deal, Ian Hatton, chief executive officer of Eclipse, said: ‘We are pleased to announce the intended offer for Eclipse by Vattenfall.
'The combination of the Eclipse team and its projects with the resources and ambitions of Vattenfall is exciting news for the development of our projects and the UK energy industry as a whole.’
Comment: How engineering innovations are transforming washing machine accessibility
I wonder if Mr Sawhney has considered a sit-on version, with pedals?