EDF Renewables has entered an agreement with Dalmore Capital Limited and Pensions Infrastructure Platform to sell a 49% minority stake in twenty four of its UK wind farms for GBP 701 million, including the 62.1MW Teesside offshore wind farm off Redcar.
EDF Renewables, which will own a 51% share in the portfolio of wind farms, said that the investment will enable the company to continue to develop further renewable energy projects.
The sites will continue to be operated by EDF Renewables, which will provide operations and maintenance requirements as well as asset management services, and resumes with buying all of the electricity and ROC’s generated by the wind farms on market standard terms.
Bruno Bensasson, Group Executive Vice-President in charge of Renewable Energies and Chief Executive Officer of EDF Energies Nouvelles said: “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.”
EDF Group bought the Neart na Gaoithe offshore wind project from Mainstream Renewable Power this spring, after a competitive bidding process.
The Teesside offshore wind farm has been operational since 2014. It comprises 27 Siemens (Gamesa) 2.3MW wind turbines and is capable of producing enough electricity to power 40,000 homes.