Crown Estate News
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The U.K.’s Crown Estate, owner of the country’s seabed, will lease sites to offshore wind testing and demonstration projects to lure investment in the industry.
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The real estate unit of Ontario Municipal Employees Retirement System agreed to buy a 50 percent stake in the commercial real estate part of a 320 million-pound ($483 million) London project for an undisclosed amount from Britain’s Crown Estate.
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The Crown Estate, owner of the U.K. seabed, plans to lease more sites for developers of wave and tidal energy generators to help accelerate development as the industry moves closer toward commercialization.
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The Crown Estate, which will provide most of Queen Elizabeth II’s income under planned changes to royal finances, reported a record profit for the fiscal year ended March 31 as rent revenue and interest income rose.
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Queen Elizabeth II, who celebrated 60 years on the British throne earlier this month, may see her income rise 16 percent after lawmakers changed the way royal finances are calculated and the Crown Estate reported record earnings today.
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Tidal Energy Ltd., a U.K. maker of technology that uses ocean currents to generate electricity, received 1.6 million pounds ($2.5 million) from the Welsh government to test its device at sea.
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The Crown Estate, the property company that generates income for Queen Elizabeth II, plans to spend 400 million pounds ($630 million) redeveloping an area near London’s Piccadilly Circus.
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Britain’s Crown Estate, the property company that generates income for Queen Elizabeth II, is seeking investors from the U.S., Canada and Australia to fund the redevelopment of real estate in London’s West End.
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Mainstream Renewable Power Ltd. and a unit of Siemens AG signed lease agreements to use sites off U.K. shores for as much as 1.8 gigawatts of wind power.
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The Crown Estate, owner of the U.K. seabed, plans to offer about 20 million pounds ($32 million) of funding for two wave or tidal power projects to try to spur on an industry nearing its first commercial operations.
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