EDF Renewables welcomes a new partner in twenty four of its UK wind farms (c.550MW) as the sale of a 49% minority stake is agreed. The cash proceeds to EDF at close for the 49% stake are £701 million.
The new partnership with Dalmore Capital Limited and Pensions Infrastructure Platform, with investment from large U.K. local authority pension schemes, will enable EDF Renewables to continue to develop further renewables energy.
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.
Bruno Bensasson, Group Executive Vice-President in charge of Renewable Energies and Chief Executive Officer of EDF Energies Nouvelles 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. This collaboration underlines the appeal of our business to investment partners.”
Simone Rossi, CEO of EDF Energy 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. 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.”
Alistair Ray, CIO of Dalmore Capital said: “Dalmore, on behalf of its investors, which include over 2 million U.K. pensioners, is very pleased to have led this acquisition to become a partner with EDF, a leading global utility, in this asset which makes a significant contribution to the UK’s clean energy supply. We look forward to working in partnership with EDF in delivering clean energy for the UK.”
Mike Weston, CEO of Pensions Infrastructure Platform said: “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.”
The wind farms included in the transaction are:
Onshore ROC wind farms: (22)
- Corriemoillie (47.5.MW) – Highlands, Scotland
- Longpark (38 MW) – Borders, Scotland
- Beck Burn ( 31.1 MW – Cumbria, England
- Burnfoot Hill (26 MW) – Clackmannanshire, Scotland
- Burnhead Moss (26MW) – Falkirk, Scotland
- Pearie Law ( 19.2MW) – West Lothian, Scotland
- Cemmaes (15.3MW) – Powys, Wales
- Walkway (12.6 MW) – Durham, England
- Rhodders (12.3 MW) – Clackmannanshire, Scotland
- Barmoor (12 MW) – Northumberland, England
- Llangwyryfon (9.4MW) – Ceredigion – Wales
- Park Spring (8.6MW) – Barnsley, England
- Broom Hill (8MW) – Durham, England
- Langley (8MW) – Durham, England
- Roade (7.2MW) – Northamptonshire, England
- Fairfield (6.5MW) – Cumbria, England
- Boundary Lane (6.2MW) – Durham, England
- High Hedley 2 (5.2MW) – Durham, England
- Burnfoot North (4.1MW) – Clackmannanshire, Scotland
- Great Orton (4MW) – Cumbria, England
- High Hedley 1 (2.4MW) – Durham, England
- Kirkheaton (1.8 MW) – Northumberland, England
Onshore CfD wind farm: (1)
- Dorenell ( 177 MW) – Moray, Scotland
Offshore ROC wind farm: (1)
- Teesside (62.1MW) – North Yorkshire, England
EDF Renewables
EDF Renewables is one of the UK’s leading renewable energy companies which develops, builds and operates generation projects with a focus on onshore and offshore wind as well as battery storage technology. We also look after the operations and maintenance of our own wind farms. The company already operates more than 786MW 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 Lewis.
We are particularly committed to continuing the growth of our renewables business in Scotland. We have also recently bought the Neart Na Gaoithe offshore wind farm project which will generate up to 450 MW of energy. The company employs more than 170 people. It is a Joint Venture between EDF Energy and EDF Energies Nouvelles.
Dalmore Capital
Dalmore Capital is an independent UK-based fund manager with a sole focus on investment in infrastructure assets, particularly lower volatility assets located in the UK and Europe. Our investment model is a long-term buy and hold strategy, where investors benefit from regular yield distributions from Dalmore’s focus as a long-term custodian of the assets in which we invest. Dalmore employs an active asset management function that works in partnership with all stakeholders to ensure high standards of delivery and operation of modern infrastructure assets that provide essential public services.
Through a dedicated investment team with over 350 years collective infrastructure experience, Dalmore Capital currently manages £4.4 billion of assets for a broad range of UK and international institutional investors. Our investor base includes public and private sector pension funds, insurance companies and other long-term investors
Pensions Infrastructure Platform
PiP invests for the long-term on behalf of pension schemes and their members. It owns and manages assets capable of providing 20-30 years or more of inflation linked cash flows to help schemes meet their long-term pension payment obligations. It will continue to build on these investments to deliver a diversified portfolio of UK infrastructure assets for pension schemes and their members.
