China snaps up UK wind farms

15th December 2014, Comments 0 comments

China's largest nuclear power producer will buy an 80 percent stake in three British wind farms run by a unit of EDF, the French energy giant said on Monday.

China General Nuclear Corporation (CGN) beat bids from several other generators for the wind farms near York, Newcastle and Peterborough in eastern England, the Financial Times had reported earlier, citing industry experts.

"Following a competitive auction process, EDF Energy Renewables has sold a majority stake in three of its UK onshore wind farms to China General Nuclear Power Corporation (CGN)," a statement confirming the deal said on Monday.

The Chinese group will pay EDF more than £100 million (126 million euros, $157 million), the FT said, quoting analysts' estimates, adding that the three wind farms generate enough electricity to power almost 40,000 homes.

"This deal is part of our continuing strategy to release capital to allow the development of other renewables projects in the UK," EDF Energy chief executive Vincent de Rivaz said in the statement.

CGN chief executive Wei LU hailed his company's first investment into renewable energy in Britain.

"This is a good beginning of concrete co-operation between CGN and EDF in Europe. And we are proud to supply clean energy to British people," he added in the joint statement.


© 2014 AFP

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