BODL is an entity which currently owns an operating offshore wind asset comprising five turbines with installed capacity of 41.5MW
Vantage RE completes acquisition of 49% stake in Blyth Offshore Demonstrator. (Credit: Steppinstars from Pixabay)
Tenaga Nasional Berhad (“TNB”) wishes to announce that it has, via its wholly-owned subsidiary, Vantage RE Ltd. (“Vantage RE”), completed its acquisition of a 49% stake in Blyth Offshore Demonstrator Limited (“BODL”) from EDF Renewables, the renewable energy (“RE”) arm of French state-owned utility company, Électricité de France (“EDF”) (herein after referred to as the “Acquisition”).
BODL is an entity which currently owns an operating offshore wind asset comprising five (5) turbines with installed capacity of 41.5MW (“Blyth 1”), and development rights for an innovative floating offshore wind project of up to 58.4MW (“Blyth 2”) located off the Northumberland coast in England.
The Acquisition showcases TNB’s capability in delivering its Sustainability Pathway aspiration, thus accelerating its global Environmental, Social and Governance (“ESG”) drive. As announced recently, TNB aspires to achieve net zero emissions by 2050, and this is underpinned by a commitment to reduce 35% of its emissions intensity as well as 50% of its coal generation capacity by 2035.
The Acquisition also marks TNB’s maiden entry into the UK offshore wind market. This new strategic partnership provides a platform for TNB to learn and benefit from EDF Renewables’ vast experience and capabilities in the offshore wind sector for future growth across TNB’s focus markets, mainly in the UK, Europe and Southeast Asia.
The Acquisition will not have any effect on the share capital, substantial shareholders’ shareholdings and further is not expected to have a material effect on the net assets and gearing of TNB.
None of the Directors or Major Shareholders of TNB and/or persons connected with them have any interest, direct or indirect, in relation to the Acquisition.
Source: Company Press Release