EDF Renewables sells Tenaga Nasional Berhad a 49 percent stake in the project off the UK’s north coast.
Tenaga Nasional Berhad (TNB), Malaysia’s largest power provider, has joined the offshore wind industry by purchasing a minority share in EDF Renewables’ Blyth offshore wind project in north east England.
TNB currently holds 49 percent of the shares of Blyth Offshore Demonstrator Limited through its wholly-owned subsidiary Vantage RE (BODL).
BODL’s existing 41.5MW wind farm and development rights for a new Blyth floating project with a capacity of up to 58.4MW remain with EDF Renewables UK, which holds a 51 percent stake in the company.
EDF Renewables will also continue to manage the existing operating wind farm’s assets and will oversee the construction of the floating offshore project.
The provisions for the Community Benefit Fund have not altered.
Matthieu Hue, CEO of EDF Renewables UK, said: “We are excited to begin a cooperation with Tenaga Nasional Berhad at Blyth, an unique location that allows us to experiment with new technologies in offshore wind energy.
“These types of collaborations reflect the high quality of the assets we create and the attractiveness of our company to potential investors.
“They also enable us to invest in new renewables projects, such as the Codling offshore wind park development in Ireland and a number of solar projects set to be developed in the UK next year,” says the company.
Datuk Baharin Din, president and chief executive of TNB, said: “TNB’s strategic partnership with EDF Renewables marks the company’s first foray into the international offshore wind sector, diversifying the company’s onshore wind and solar portfolios in the UK, which have been operational for the past four years.
“TNB and EDF Renewables are reaffirming their common vision and commitment to pushing sustainable development toward a low-carbon world through this partnership.
“We believe this will offer us a competitive advantage in an increasingly competitive market, and we look forward to an exciting and successful relationship that will expand our prospects not just in Europe, but also in Southeast Asia.”
The new cooperation is in line with EDF Group’s CAP 2030 plan, which aims to achieve 60 gigawatts of net renewable capacity globally in the next nine years.