The company's move aligns with a broader strategy that includes a reduction in expenditure on low-carbon and renewable businesses.
The transaction is set to be completed by the third quarter of 2025, subject to approvals.
The project will be the UK's largest pumped storage hydro project with 1.8GW capacity and 40GWh storage.
The agreement with Vattenfall encompasses the supply, installation and commissioning of the turbines at Nordlicht 1.
UB will initially acquire a 40% stake, with plans to buy the remainder.
The solar facility also supplies clean energy to Meta.
JERA Global Markets serves as the exclusive fuels’ optimiser for both shareholders.
