Dong and EDF’s sale of stakes in French wind portfolio slowed – source

07 Mar 2016 – The sales process for EDF‘s [EPA:EDF] and Dong Energy’s stakes in their offshore wind development portfolio, Eolien Maritime France, has been hampered by a lack of interest, a source and two sector bankers told Mergermarket.

The portfolio comprises three wind power projects that were grouped to form the Eolien Maritime France JV. EDF and Dong own 60% and 40% of Eolien Maritime France, respectively.

Dong is looking to exit the portfolio, while EDF wants to sell a majority share of its stake, the source said.

The process was launched mid-2015 and BNP Paribas has been hired to advise on the sale, the source and sector bankers said.

At the end of last year, there were two late-stage bidders – Masdar and Mirubani – said the two sector bankers. Talks have since stalled due to pricing and lack of interest, the source said. Masdar and Mirubani have also since dropped out of the process, the second banker said.

The three projects are Saint-Nazaire, planned to have an installed capacity of 750MW, Seine-Martime, with a maximum capacity of 500MW, and Courseulles-sur-Mer, with a maximum installed capacity of 500MW.

The market rate for operational offshore wind power farms is about EUR 4m per MW, a sector banker said. 

 EDF, BNP Paribas and Masdar did not respond to a request for comment. Dong Energy and Marubeni declined to comment.

EDF has a market capitalisation of EUR 19.4bn.

By Katie McQue & Giovanni Amodeo

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