French energy giant sells stake in 8 Scottish wind farms (and others in rUK) to UK pension fund for £700m

Isle of Lewis - where EDF is also planning a new wind farm.
Isle of Lewis – where EDF is also planning a new wind farm.

The renewable energy arm of EDF – the nuclear-dominated French generator –  has sold a 49% stake in its portfolio of UK wind-farms to a pension fund manager for £700 million.

EDF said the money from the sale to Dalmore Capital Limited and Pensions Infrastructure Platform – with investment from large U.K. local authority pension schemes –  will enable it to continue to develop further renewable energy electricity generating assets.

EDF Renewables will continue to own a 51% share in the portfolio of wind farms. It will also continue to run the sites and to provide operations and maintenance requirements as well as asset management services.

EDF Energy will also continue to purchase all of the electricity and ROC’s generated by the wind farms on market standard terms.

The community benefit fund arrangements associated with each wind farm will remain unchanged.

The Scottish wind farms included in the sale comprise:

  • Corriemoillie (47.5.MW) Highlands
  • Longpark (38 MW) Borders
  • Burnfoot Hill (26 MW) Clackmannanshire
  • Burnhead Moss (26MW) Falkirk
  • Pearie Law (19.2MW) West Lothian
  • Rhodders (12.3 MW) and Burnfoot North (4.1MW) – Clackmannanshire, and
  • Dorenell ( 77 MW) – Moray.

Bruno Bensasson, chief executive, 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.

“We are particularly committed to continuing the growth of our renewables business in Scotland, including the Neart Na Gaoithe offshore wind farm project.”

Mike Weston, chief executive, Pensions Infrastructure Platform, added: “Pensions Infrastructure Platform is delighted to be making this investment on behalf of a large UK local authority pension scheme. 

“This partnership with EDF in a significant renewable energy venture will help our investor meet its pension obligations and contribute to reducing the UK’s carbon emissions.”

EDF operates more than 786-MW of wind farms (including 319 MW in Scotland) plus the 177MW Dorenell wind farm (under construction) and more than 1 GW of consented projects in development including Neart Na Gaoithe and the controversial new wind farm plan for the Isle of Lewis.

See also:

EXCLUSIVE: Plan for 200m-high, tallest UK onshore wind turbine towers by French nuclear giant drives Isle of Lewis residents to height of fury

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