European energy giant EDF Group has today announced the launch of a new joint venture designed to accelerate its push into the UK green energy market.
The new company, EDF Energy Renewables, will be co-owned by the group's UK arm EDF Energy and its international clean technology subsidiary EDF Energies Nouvelles. Under the terms of the deal, EDF Energy will buy, through Power Purchase Agreements, all the electricity produced by renewable energy projects developed by the Joint Venture.
EDF Energy's chief executive Vincent de Rivaz said that the new company would play a key role in helping the firm meet its targets of delivering 1,000MW of renewable energy capacity in the UK by 2020.
Both EDF Energy and EDF Energies Nouvelles already boast substantial alternative energy operations with EDF Energy currently boasting around 120MW of on and offshore wind projects under construction or in advanced development and EDF Energies Nouvelles having over 2,500 MW of renewable capacity in operation or under construction worldwide.
A spokesman for EDF Energy said that the new company would allow the group to bring the renewable energy expertise built up by the two subsidiaries together "under one roof". He added that EDF Energy Renewables would also enjoy enhanced purchasing power, allowing it to sign long-term purchasing agreements with wind turbine manufacturers.
The company is expected to primarily focus on onshore and offshore wind projects, however the spokesman said it would also work on solar, biomass, small hydro and marine renewables projects.
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