EDF Renewables has sold a minority stake in a portfolio of 24 of its UK wind farms for £701 million to pursue more renewable development.
The 49% stake has been sold to a partnership of Dalmore Capital and Pensions Infrastructure Platform, with large UK-based local authority pension schemes also participating in the investment.
EDF Renewables will continue to own a majority 51% share in the portfolio and will also operate, maintain and manage the assets. EDF will also continue to purchase both the electricity and Renewables Obligation Certificates generated by the sites on market standard terms.
The portfolio of 24 assets has a total generation capacity of around 550MW and comprises 22 onshore ROC-accredited wind farms, predominantly in the UK and Scotland, the 177MW Dorenell onshore CfD-accredited wind farm and the 62.1MW Teesside offshore wind farm.
Bruno Bensasson, group executive VP for renewable energies and CEO of EDF Energies Nouvelles, said that establishing such partnerships were important to allow EDF to invest in new renewables projects, pointing in particular to the company’s recent purchase of the 450MW Neart Na Gaoithe offshore wind farm in Scotland.
Bensasson’s sentiments were echoed by EDF Energy chief Simone Rossi, who added that the deal would enable the firm to invest in further renewables capacity and bolster its 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,” he said.