The sale of Edinburgh-headquartered Red Rock Power has advanced, with Danish infrastructure investor Copenhagen Infrastructure Partners (CIP) emerging as the front-runner to buy the renewables platform, three sources familiar with the situation said.

Chinese conglomerate State Development & Investment Corporation’s (SDIC), which owns Red Rock through its subsidiary SDIC Power Holdings, received offers from other investment managers including Equitix and Morgan Stanley Infrastructure Partners (MSIP), is preparing to enter exclusivity with CIP, two sources said.

A potential buyer will get access to Red Rock’s stakes in over 2 GW offshore and onshore wind assets in the UK, which includes one of the largest offshore wind projects in Scotland, the 1.08 GW Inch Cape offshore wind farm.

SDIC, which kicked off the sale last September, is seeking a valuation of over GBP 1bn for the platform, one of the sources said, without revealing details of the offers.

Natixis is advising the sale in a process codenamed Project Seablue.

Red Rock Power and MSIP declined to comment, while SDIC, CIP and Equitix did not respond to requests for comments.

SDIC Power Holdings acquired Red Rock from Spanish energy company Repsol in 2016 for EUR 238m and grew its portfolio through acquisitions over the years.

Its assets, in addition to Inch Cape offshore wind owned jointly with by Ireland’s Electricity Supply Board (ESB), include a 25% stake in the operational 588 MW Beatrice offshore wind farm in Scotland, the fully-owned operational 50 MW Afton onshore wind farm and 67 MW Benbrack onshore wind farms in Scotland.

Inch Cape is expected to start operations next year to supply power to half of the households in Scotland, while Benbrack wind farm started operations last year and earlier this year secured GBP 62m in project financing from Lloyds, HSBC and China Construction Bank.

Red Rock’s revenue in the UK last year was GBP 21.8m, growing 32% year-on-year, it said in its latest annual report.

Outside the UK, Red Rock has a joint venture holding for 241MW Överturingen operational wind farm in central Sweden, which is half-owned by Finland’s CapMan infra on behalf of Korean investors. Red Rock, however, does not mention the Överturingen wind farm among its renewable energy assets in the 2025 annual report.

The operational wind farm has been in a debt restructuring process since 2022 after it faced financial difficulties due to higher electricity prices caused by the war in Ukraine that have had an “adverse impact” on the asset with a fixed long term PPA with Norwegian aluminium company Norsk Hydro for most of its generation.