EDF Renewables has sold a near half stake in 24 of its UK windfarms.

The company announced last week (29 June) the sale of a 49 per cent share in the two dozen windfarms, which have a total generating capacity of around 550MW.

The minority stake has been bought for £701 million by fund manager Dalmore Capital Limited and the Pensions Infrastructure Platform, which have invested on behalf of local government retirement schemes.

EDF Renewables, will still own a 51 per cent share in the portfolio of windfarms and will continue to operate and maintain the site under the deal.

EDF Energy will also continue to purchase all the electricity and the renewable obligation certificates (ROC) generated by the windfarms.

All but one of the portfolio are ROC windfarms – the Dorenell 177MW onshore scheme at Moray has been developed using a contract for difference.

The acquisition comprises more than half of 786MW of windfarms currently operated by EDF plus the Dorenell windfarm, which is under construction.

The company is also developing another 1GW plus of consented projects including Neart Na Gaoithe and Lewis in Scotland.

Bruno Bensasson, EDF group executive vice-president in charge of renewable energies, said the sale would help the French-owned utility implement its 2030 target to double its renewable energy generation by freeing up capital for new development

He said: “In this high growth renewables sector, such partnerships are important to allow investment in new projects such as our recent acquisition of the 450MW Neart Na Gaoithe offshore windfarm project in the Firth of Forth. This collaboration underlines the appeal of our business to investment partners.”

The sale of the windfarm portfolio was announced a week after EDF broke ground on two projects, its 41.5MW Blyth offshore windfarm and the 49MW West Burton B battery storage facility in Nottinghamshire.

Simone Rossi, chief executive of EDF Energy, said: “With onshore wind, offshore wind and battery projects – including our newly inaugurated offshore windfarm 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.”

Mike Weston, CEO of Pensions Infrastructure Platform, said: “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.”