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Vattenfall to divest 49% stake in Ormonde offshore wind farm to AMF

CTBR Staff Writer Published 18 December 2015

Vattenfall has agreed to divest a 49% stake in its 150MW Ormonde offshore wind farm in the Irish Sea to Swedish pension group AMF for £237m.

The sale is in line with Vattenfall's partnering strategy to raise funds to support growth in its renewable business.

Vattenfall is planning to invest close to SEK50bn (3.9bn) in new wind power generation by 2020 and to triple wind capacity to about 6GW over the next ten years.

AMF asset management head Peder Hasslev said: "The Ormonde wind farm investment being sustainable with good returns fits us therefore very well.

"Conditions for off shore wind power in the UK are favourable and in combinations with the partnership and deep knowledge in the wind area of Vattenfall we feel confident about doing this investment."

The 30-turbine Ormonde wind farm is one of four offshore wind farms that Vattenfall operates in the UK.

Last year, the project generated enough electricity to power nearly 126,000 homes in the UK. Vattenfall will continue to operate the wind farm as majority shareholder.

Vattenfall president and CEO Magnus Hall said: "The market has shown a considerable interest in Ormonde. The main reason is that the wind farm is profitable and considered to have good prospects for stable and continuous profitability.

"Our partner AMF is a serious and long-term investor. We are therefore very pleased with completion of this deal."