EDF Energy Renewables launched on World Environment Day
Sister companies join forces to spearhead EDF Group renewables development in UK
05 June 2008
EDF Energy and EDF Energies Nouvelles are pleased to announce that they are to create a new joint venture company – EDF Energy Renewables.
The new company will be a 50:50 Joint Venture between EDF Energy and EDF Energies Nouvelles with each party combining its renewable energy development skills, expertise, and resources in one place in order to spearhead their renewables development activities in the UK.
The deal formalises a well established history of cooperation between the two sister EDF Group companies and creates a vehicle for the development, acquisition and operation of renewable energy assets, both on and offshore, in the UK.
The company has ambitions to participate in the UK Government drive to develop increased offshore wind capacity by 2020, and this context welcomes yesterday's announcement made by the Crown Estate in relation to “Round 3” offshore developments.
EDF Energies Nouvelles is a leading international player in the renewable energy sector and a 50% owned subsidiary of EDF Group, with an overall installed gross capacity of over 2,500 MW worldwide in operation or under construction. It presently has 205 MW in service or under construction in the UK (154 MW net capacity).
EDF Energy owns and operates onshore windfarms in the north east, and has a portfolio of around 120MW of on and offshore wind projects under construction or in advanced development.
Further, in line with its overall renewables strategy, EDF Energy has also entered into Power Purchase Agreements (PPAs) providing approximately 900MW (wind equivalent) of electricity from renewables, thereby supporting the development of capacity by third parties.
EDF Energy will also buy, through Power Purchase Agreements, all the electricity produced by assets developed by the Joint Venture.
EDF Energy’s Chief Executive Vincent de Rivaz said:
“This deal marks an exciting new phase for EDF Energy in delivering our sustainability and renewables agenda.
“We are committed to our renewables programme as part a diverse range of energy sources. This diverse mix includes all types of low carbon generation, renewables, clean coal, gas and nuclear, all linked to a strong effort on energy efficiency.
“When we announced our Climate Commitments on World Environment Day exactly one year ago, we set out our plans to transform our business to help tackle climate change. A key commitment is an investment by 2012 in around 1,000 MW of UK renewable energy production.
“This is a cornerstone of our commitments and EDF Energy Renewables will be key in helping us to meet this target.”
Chief Executive of EDF Energies Nouvelles, David Corchia said:
“Over the last three years, we have developed a dynamic partnership with EDF Energy.
“The creation of this joint-venture is a strong milestone in our relationship with EDF Energy and will enable both companies to build strong positions, creating a major player in the UK’s renewable energy industry.”
Christian Egal, CEO of EDF Energy Renewables said:
“The support of our parent companies will allow us to focus on delivering renewable energy by building a diversified portfolio.
“It will include development of our pipeline and selected acquisitions of profitable projects.
“Offshore will be a key development driver for EDF Energy Renewables, building on our experience both at Teesside in the UK and at Thornton Bank in Belgium.”
For further information, please contact:
Jonathan Levy 020 7752 2265
EDF Energies Nouvelles
Marilys DUBERNET-GARNIER on ++ 33 1 40 90 23 70
EDF Energies Nouvelles:
EDF Energies Nouvelles, a 50%-owned subsidiary of the EDF group, is a world-class player in the green energy generation market and renewable energies with gross installed capacity of 1,443 MW worldwide, plus 1 100MW under construction at December 31, 2007. With a presence in 9 European countries and the United States, EDF Energies Nouvelles operates in four renewable energy segments (wind, solar, biomass and hydro). Since November 2006, EDF Energies Nouvelles has been listed in Compartment A of the Eurolist by Euronext Paris (code: EEN, ISIN code: FR0010400143). www.edf-energies-nouvelles.com
EDF Energy is one of the UK’s largest energy companies. We provide power to a quarter of the UK’s population via our electricity distribution networks in London, the South East and the East of England. We supply gas and electricity to over 5 million customers and generate about 5GW of energy from our coal and gas power stations, as well as combined heat and power plants and wind farms. The company is also a key player in national infrastructure projects including management of private electricity networks serving four London airports and the Channel Tunnel Rail Link, the country’s first major new railway in 100 years. We employ nearly 13,000 people at locations across the UK. EDF Energy is a core part of EDF Group, one of Europe’s largest power companies.