China halts production of 553 cars in clean clampdown

  China has halted the production of 553 car models that didn’t meet new fuel consumption standards. According to state news agency Xinhua, the China Vehicle Technology Service Center has said the suspension has been approved by the relevant departments and took effect from yesterday. The models affected reportedly include cars from a number of […]

BP sells off North Sea assets in £300m deal

BP has agreed to sell a number of its oil and gas assets in the North Sea to Serica Energy in a £300 million deal. The property and infrastructure being sold include the Bruce, Keith and Rhum fields, three bridge-linked platforms and associated subsea equipment. The £300 million will be made up of a £12.8 million upfront […]

UK green bank bidder launches legal action over sale

A bidder for the UK’s green bank has launched a legal challenge to the government’s decision to provisionally award the deal to Australian investment bank Macquarie. Sustainable Development Capital (SDCL) alleges Macquarie’s preferred bidder status for the Green Investment Bank (GIB) “was not compliant” with the criteria set out by the government. SDCL states: “The […]

Small supplier Flow Energy to be sold

Flow Group has announced it will “actively pursue” the sale of its energy supply arm. It said while Flow Energy has “progressed well and is delivering growth”, its growth margins have come under pressure as new rival suppliers offer cheaper tariffs. Flow Energy supplies gas and electricity to around 270,000 customers. The group’s trading update […]

Fortum flogs Finnish power distribution business for €2.55bn

Finnish energy company Fortum has flogged its electricity distribution business for more than was expected. It sold to a group of investors called Suomi Power Networks for €2.55 billion (£2.15bn). The state-owned firm owns 79,000 kilometres of network in Finland and supplies 12.6 TWh of power each year – giving it a 20% market share in the […]

Enserve Group completes energy division sale for £140m

Energy broker Inenco is planning “a series of national and international acquisitions” as it completed its sale worth around £140 million today. The energy division of Cinven-backed infrastructure services provider Enserve Group, Inenco has been sold to funds managed by private equity firm Vitruvian Partners and Intermediate Capital Group. Chief Executive Michael Abbott said: “Vitruvian […]

Romania to sell stake in nuclear plant operator

Romania has approved a decision to sell a 10% stake in its state-owned nuclear power plant operator. The Romanian Government reportedly hopes to get up to RON350 million (£66m) from the sale, with local media reporting a price range of RON11.2 (£2.1) to RON15 (£2.8) per share has been set for the initial public offering […]

Gamesa to sell 183MW of wind projects to Impax

Gamesa has agreed to sell 183MW of wind projects under development in Germany to investment management firm Impax. The Spanish wind turbine manufacturer will develop the projects using its 2MW and 1.4MW turbines from next year to 2015. The sale is part of Gamesa’s new strategy to keep its capital requirements down by inviting financial […]