Bidders are being sought for a potential 49 per cent stake in EDF Energy’s UK wind farm business to finance future projects. The French energy group is reported to have hired Barclays to sound out potential bidders for just under half of EDF Energy Renewables, its UK operation that owns 23 onshore wind farms and one offshore. It hopes to have offers, which could reach £600 million, by the end of the month, the Financial Times reported. EDF, the French state-controlled electricity company, is one of Britain’s biggest energy suppliers and is leading the £18 billion project to build a nuclear power plant at Hinkley Point in Somerset. The group has a history of using completed projects to finance new ones. Last year it sold a stake in five onshore wind farms to Greencoat UK Wind, an investment fund. EDF’s UK renewables head said that s take sales would “allow us to invest in other UK renewable projects”. Wind energy is attractive for pension funds and other long-term investors as it provides a relatively stable source of income. A deal would be the largest UK renewables disposal by EDF yet. The energy group declined to comment.
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