China General Nuclear Power (CGN) is to invest more than £100m to acquire stakes in three UK wind farms from French firm EDF.
The state-owned nuclear power generator in China has won bids for the wind farms, which are located near York, Newcastle and Peterborough, reports Financial Times (FT).
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CGN will own an 80% stake in the projects, which have a combined power generation capacity of 70MW and can provide sufficient power for 40,000 households.
The remaining 20% stake will be retained by EDF, which will continue to operate the turbines and also buy the generated electricity from the projects.
As well as a small investment in Australia, the present deal is the first major acquisition of the Chinese company for renewable power outside of the country.
See Also:
China plans to shift its focus from coal power generation to cleaner energy including nuclear, reports FT.
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By GlobalDataThe present deal for the wind projects is likely to smooth the gateways for China for the Hinkley Point nuclear project.
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