CGN to invest £100m to acquire three UK wind farms

14 December 2014 (Last Updated December 14th, 2014 18:30)

China General Nuclear Power (CGN) is to invest more than £100m to acquire stakes in three UK wind farms from French firm EDF.

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).

"CGN will own an 80% stake in the projects, which have a combined power generation capacity of 70MW."

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.

China plans to shift its focus from coal power generation to cleaner energy including nuclear, reports FT.

The present deal for the wind projects is likely to smooth the gateways for China for the Hinkley Point nuclear project.

Energy