EDF sells minority stake in wind projects

EDF EnergyEDF Renewables welcomes a new partner in twenty four of its UK wind farms, totalling 550MW, as the sale of a 49% minority stake is agreed. The cash proceeds to EDF at close for the 49% stake are £701 million.

The new partnership with Dalmore Capital Limited and Pensions Infrastructure Platform, with investment from U.K. local authority pension schemes, will enable EDF Renewables to continue to develop further renewables energy.

EDF Renewables will continue to own a 51% share in the portfolio of wind farms. It will also continue to run the sites and to provide operations and maintenance requirements as well as asset management services.

EDF Energy will also continue to purchase all of the electricity and ROC’s generated by the wind farms on market standard terms. The community benefit fund arrangements associated with each wind farm will remain unchanged.

One of the wind farms that has been sold is the
Teesside offshore wind farm, the capacity of which is 62.1MW that is provided by 27 Siemens turbines.

Bruno Bensasson, Group Executive Vice-President in charge of Renewable Energies and Chief Executive Officer of EDF Energies Nouvelles said: “Through its CAP 2030 strategy, the EDF group aims at doubling its renewable energy generation by 2030 to contribute to energy transition. In this high growth renewables sector, such partnerships are important to allow investment in new projects such as our recent acquisition of the 450 MW Neart Na Gaoithe offshore wind farm project in the Firth of Forth. This collaboration underlines the appeal of our business to investment partners.”

Simone Rossi, CEO of EDF Energy said: “We are delighted to welcome Dalmore Capital Limited and Pensions Infrastructure Platform as key partners in the UK.  This is a positive step for the UK’s low carbon ambitions and energy resilience.  It helps us to continue to invest in more renewables capacity and to extend our operating expertise.

"With onshore wind, offshore wind and battery projects – including our newly inaugurated offshore wind farm off the Northumberland coast, and battery storage plant in Nottinghamshire – we are very pleased to play a major role in this growing part of the UK energy landscape. We look forward to working with our new partners as we contribute to the UK’s clean growth strategy.”


Alistair Ray, CIO of Dalmore Capital said: “Dalmore, on behalf of its investors, which include over 2 million U.K. pensioners, is very pleased to have led this acquisition to become a partner with EDF, a leading global utility, in this asset which makes a significant contribution to the UK’s clean energy supply. We look forward to working in partnership with EDF in delivering clean energy for the UK.”

Mike Weston, CEO of Pensions Infrastructure Platform said: “Pensions Infrastructure Platform is delighted to be making this investment on behalf of a large UK local authority pension scheme.  This partnership with EDF in a significant renewable energy venture will help our investor meet its pension obligations and contribute to reducing the UK’s carbon emissions.”

For more information follow the links provided.

Be the first to comment.
 



Keep on top of the market. Perform analysis. Make informed decisions.

This page is intended to be viewed online and may not be printed without a valid subscription.

Please view this page at https://www.4coffshore.com/news/newsItem.aspx?nid=8106.