EDF Energy Renewables has sold its majority stake in five onshore wind farms to pursue other renewable projects in the UK.
The European power major revealed this morning that it had sold an 80% stake in five projects to Greencoat UK Wind, a fund belonging to major renewables investor Greencoat Capital.
However the divestment will not see EDF remove itself from the UK renewables market, with the released equity instead being re-invested into other renewable projects in the UK under the group’s CAP 2020 renewable energy strategy.
EDF said the sale would support the firm’s “ambitious development portfolio” in the UK.
While the firm did not disclose any specific technologies it would look to invest in, EDF’s main renewables interests fall in both onshore and offshore wind as well as battery storage technology.
The firm was successful in last year’s Enhanced Frequency Response tender, winning a four-year contract for one utility-scale battery storage project. This project must be operational by the end of February 2018.
However the firm has already suggested it would be pursuing additional renewables project after UK nuclear power prices collapsed earlier this year, while it is also leading a consortium trialling local, peer-to-peer trading platforms within Ofgem’s regulatory sandbox.
Matthieu Hue, chief executive at EDF Energy Renewables, said: “We have an ambitious development portfolio, which will help us deliver the low carbon electricity the country needs. This sale helps to support our ambitions and our delivery of new projects around the UK.”
The five onshore wind projects included in the sale are;
- Deeping St. Nicholas – 16.4MW
- Red House – 12.3MW
- Glass Moor – 16.4MW
- Red Tile – 24.6MW
- Bicker Fen – 26.7MW
EDF will retain a 20% stake in the wind farms and continue to purchase both the power and ROCs generated by them. EDF will also operate, maintain and manage the farms via its EDF ENS UK services operation.