FPT Forth Ports

    RNS Number : 7650X
  Forth Ports PLC
  30 June 2008
   

    


    30 June 2008


    FORTH PORTS PLC AND SCOTTISH AND SOUTHERN ENERGY PLC

    JOINT VENTURE IN RENEWABLE ENERGY



    Forth Ports PLC ("Forth Ports") and Scottish and Southern Energy plc ("SSE") announce today that they have entered into a strategic
venture to develop renewable energy projects around Forth Ports sites in Scotland and England.  

    To be called Forth Energy, the new venture will invest in the generation, distribution and supply of renewable energy for export to the
electricity network for commercial sale and for consumption at Forth Ports sites. It will support the sustainable regeneration of Forth
Ports' property development asset base. In some ports, there will be additional benefits arising from the transit of sustainable materials
for power generation. Forth Energy has the potential to be Scotland's biggest developer of on-site dedicated renewable power generation
facilities.

    The venture contemplates projects across a number of renewable energy technologies, including onshore and offshore wind and biomass, and
related networks and infrastructure. Possible projects with a total installed capacity in excess of 150MW have been identified. The first of
these - the construction of four 2MW onshore wind turbines at the Port of Tilbury - will proceed shortly, following the recent grant of
planning consent. This project will require total investment of around �12m, to be provided by a mixture of project debt and equity. 

    If Forth Energy's existing project portfolio is fully developed, up to 200 permanent skilled engineering and craft jobs will be
created.

    Energy Minister Jim Mather said: "The joint venture has the potential to deliver innovative renewable energy solutions providing
sustainable energy for use at Forth Ports sites and for commercial sale. This collaborative project will aid the regeneration of Forth
Ports' property asset base, while creating skilled jobs and cutting emissions, which is exactly in line with our strategy to put renewables
at the heart of economic growth in Scotland."

    Charles Hammond, Group Chief Executive of Forth Ports, said:

    "For some time we have been examining how we can develop a renewable energy strategy, both for self-consumption and for commercial sale
by exploiting our asset base and by capitalising on our logistics expertise. On a stand-alone basis, we expect these projects to deliver
attractive returns.  

    "SSE is the UK leader in renewable energy, and through working with them we believe we can realise a significant number of
opportunities. These include meeting our own energy needs from renewable sources, customers' growing demand for green energy and planning
authorities' sustainable energy requirements. Our ports should also benefit from the increased handling of renewables feedstocks."

    Ian Marchant, Chief Executive of SSE, said:

    "Securing future supplies and tackling climate change are driving major changes in the production and consumption of energy. Our venture
with Forth Ports will provide us with a series of new opportunities to pursue sustainable energy developments, with a variety of
technologies.  

    "Working with a leading infrastructure owner and developer like Forth Ports represents another important milestone in the growth of our
energy services business, which is about providing site-specific energy solutions for customers in the land development and other sectors."




    Enquiries: 

    Forth Ports PLC
    Charles Hammond, Group Chief Executive - Tel: 0131 555 8700
    Wilson Murray, Group Finance Director - Tel: 0131 555 8700

    Brunswick  
    Jon Coles - Tel: 0207 404 5959
    Kate Miller - Tel: 0207 404 5959



    Notes to Editors:

    Forth Ports PLC owns and operates seven commercial ports in the UK - Tilbury on the Thames, Dundee in the Firth of Tay and five in the
Firth of Forth - Leith, Grangemouth, Rosyth, Methil and Burntisland. It also operates out of Chatham in Kent under the Nordic banner.

    Within and around the Firths of Forth and Tay, Forth Ports manages and operates an area of 280 square miles of navigable waters,
including two specialised marine terminals for oil and gas export and provides other marine services, such as towage and conservancy.

    The Group also has significant property interests which it continues to develop as part of its commitment to increase shareholder
value.

    SSE is the UK's largest generator of electricity from renewable sources.


    
 
 



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