EDF is shortlisting bidders as it weighs different deal structures for its China renewables platform, according to two sources familiar with the matter.

The French utility aims to sell at least a majority, both sources and a third source familiar said. Besides EDF China’s project portfolio, the platform includes an in-house team of almost 100 staff, said one of the sources.

Among the options being explored is for EDF China to retain the team and a minority interest while selling a majority, one of the sources said. Another option is to pare only a minority stake, he added.

Bidders have shown interest in carving out certain assets within the portfolio, said two of the sources, with both adding that a Temasek-backed renewables developer has placed a non-binding offer. One of them said it was just for the distributed solar portion.

EDF China has 191 MWp across 68 distributed solar farms in provinces including Jiangsu, Zhejiang, Shandong, Hubei, and Tianjin, a teaser document shows.

At least 10 parties, including mainland Chinese independent power producers, insurers and asset managers, ended up submitting indicative bids, one of the sources said.

The sellside, advised by Standard Chartered Bank, received non-binding offers in early May, two of the sources said. The bid deadline was pushed back from April to allow parties more time to prepare offers, said one of the sources.

The timeline for binding offers is yet to be decided, two of the sources said, while one added the sellside targets finalising the shortlist in June or July.

Besides distributed solar, EDF’s 1.3 GW operating portfolio includes 1.15 GW of utility-scale wind, of which onshore wind accounts for 56%, per the teaser.

The company wholly owns four onshore wind projects totalling 376 MW in Guangxi and Shandong, the teaser shows. The rest of the 1.15 GW wind portfolio is minority-held by EDF, including in the 502 MW Jiangsu offshore wind farms, where it holds 37.5%.

EDF, Standard Chartered, and Temasek did not respond to requests for comment.