Statkraft, Europe’s largest generator of renewable energy, sold part of its stake in three wind farms in the UK to Gingko Tree Investment of China to fund investment in new projects.
Statkraft sold 49% of Wind UK Invest, which owns the Alltwalis wind farm in Wales and the Baillie and Berry Burn facilities in Scotland, for an undisclosed sum, the company said in a statement.
“We have firm growth ambitions in both onshore and offshore wind power,” Jon Brandsar, Statkraft’s head of wind power and technologies, said in the statement.
“This agreement enables further growth through project development while at the same time maintaining our industrial role.”
Statkraft is expanding its wind-power operations in Europe amid a drive for sources of renewable energy.
It will develop the £1.5billion ($2.5 billion) Dudgeon wind farm off the UK coast with Statoil, the companies said earlier this month.
Gingko Tree Investment is a unit of the State Administration of Foreign Exchange, which manages China’s foreign-exchange reserves, according to the Sovereign Wealth Fund Institute.
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