EDF sells UK wind farm to fund manager

EDF Energy Renewables has sold its majority stake in a wind farm in the UK to London-headquartered fund manager Hermes GPE.

The 48-turbine Fallago Rig onshore wind farm comprise has a capacity of 144 MW and is in the Scottish Borders, 35 km southeast of Edinburgh.Fallago Rig onshore wind farm

EDF Energy Renewables, which is a 50-50 joint venture between EDF Energy and EDF Energies Nouvelles, will continue to manage the site on behalf of Hermes by providing operations, maintenance services and asset management and the energy firm will also continue to buy the electricity generated by the wind farm.

Christian Egal, chief executive of EDF Energy Renewables, said the sale would help EDF “to free up capital which we will use to invest in other UK renewables projects“.

He added: “We have ambitious plans for the future to support the UK in reaching its renewable energy targets. This sale is consistent with that ambition and our ability to deliver new projects.”

Peter Hofbauer, head of infrastructure at Hermes GPE, said the renewable energy sector was “a key area of interest for us, and Fallago Rig has very attractive investment characteristics”.

“Our investment strategies focus on UK infrastructure assets that have a natural linkage to UK inflation, benefit from clear regulatory support mechanisms, with long-term stable and predictable cash flows, and solid yield characteristics.”

The price paid by Hermes has not been disclosed.

No posts to display