The European unit of China General Nuclear Power Corp is taking an 80 percent stake in three wind farms in the United Kingdom, where it hopes to expand in the renewable energy market.
The wind farms, owned by French electric utility company Electricite de France SA, will generate 72 megawatts of power, CGN said on Dec 12 in an e-mailed statement.
CGN, the Shenzhen-based nuclear giant, established subsidiary CGN Europe Energy in June to explore the European renewable energy market through investment, acquisition, construction, operation and management of power plants.
"Apparently, you have to learn the rules if you want to tap a foreign market, and an acquisition of wind farms is a nice way to know those practices. The deal sends a signal that (the company) means business here in the UK," a source close to the deal told China Daily.
He said that CGN's ultimate goal, however, is the UK nuclear market.
lvchang@chinadaily.com.cn
By Lyu Chang(China Daily Europe)
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