Malaysian Utility Enters Offshore Wind, Buys Stake in UK Projects
Malaysian utility Tenaga Nasional Berhad (TNB) has acquired a 49 per cent stake in the existing Blyth Offshore Demonstrator wind farm and a yet-to-be-built floating wind farm in northeast England from EDF Renewables UK.
TNB acquired the stake in the Blyth Offshore Demonstrator Limited (BODL) through its wholly-owned subsidiary, Vantage RE Ltd.
EDF Renewables UK remains the majority shareholder and owns a 51 per cent share in BODL which includes the existing 41.5 MW wind farm and the development rights for the new Blyth floating offshore wind farm project which will have a capacity of up to 58.4 MW.
EDF Renewables will also continue to provide asset management services to the existing operational wind farm and to lead the development of the floating offshore project. Community Benefit fund arrangements remain unchanged.
”Blyth is an innovative site which allows us to experiment with new technologies in offshore wind energy and we are very happy to start a partnership with Tenaga Nasional Berhad,” EDF Renewables UK CEO Matthieu Hue said.
”These kind of partnerships demonstrate the quality of the assets we develop and the appeal of our business for investment partners. They also allow us to invest in new renewables projects such as our recent acquisitions including the Codling offshore wind park development in Ireland, and a number of solar projects to be built next year in the UK.”
The new partnership is aligned to EDF Group’s CAP 2030 strategy which aims to reach 60 GW of net renewable capacity worldwide in the next nine years. Across the UK and Ireland, EDF Renewables continues to expand its portfolio with more than five GW of projects in development.
TNB is the largest electricity utility in Malaysia with a presence in the UK with an international presence in the United Kingdom, Kuwait, Turkey, Saudi Arabia, Pakistan, and India. Within the renewable energy space, as of 2020, TNB has a total portfolio of 2,732.3 MW in Malaysia and 666 MW across the UK, Turkey, and India comprising mainly solar, wind, and hydro energy generation assets.
”The strategic partnership with EDF Renewables marks TNB’s foray into the international offshore wind sector, diversifying beyond the Group’s existing onshore wind and solar portfolios in the UK that have been in operation over the last four years,” TNB’s President and CEO, Datuk Ir. Baharin Din, said.
”With this alliance, both TNB and EDF Renewables reiterate our shared vision and commitment in driving sustainable development towards a low carbon society. We believe this will give us an edge in an increasingly competitive industry, as we look forward to an exciting and fruitful partnership that will open up more opportunities not just in Europe, but also in Southeast Asia.”