EDF Renewables has signed an agreement with Dalmore Capital and Pensions Infrastructure Platform to sell a 49% stake in 24 of its wind farms in the UK for £701m ($925.4m).
Under the terms of the deal, EDF Renewables agreed to offload stakes in wind farms with a combined capacity of about 550MW, including the 62.1MW Teesside offshore project.
EDF, which plans to retain 51% interests in the wind projects, expects the sale would allow it to continue to develop further renewables energy.
The firm, however, will also continue to run the sites in addition to providing operations and maintenance requirements as well as asset management services.
EDF Energies Nouvelles CEO Bruno Bensasson 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.”
Additionally, EDF said it will continue to purchase all of the electricity and Renewable Obligation Certificates (ROCs) generated by the wind farms considered for sale, on market standard terms.
EDF Energy CEO Simone Rossi 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.”
The EDF’s onshore wind farms considered for stake sale are the 177MW Dorenell project in Moray, the 47.5MW Corriemoillie plant in the Highlands and the 38MW Longpark facility in the Borders, all of which are located in Scotland.
The other wind farms are located in England, Scotland and Wales.