EDP Renewables (EDPR), the renewable subsidiary of the Portuguese energy utility EDP, has completed the sale of a 10% stake in the 950 MW Moray East offshore wind project to China Three Gorges (CTG) for a total consideration of £35m (€39m). The transaction fits in the framework of an investment agreement signed between the two companies in 2015, which gives CTG the option to acquire up to 30% of the wind park.
The facility is operated by the project company Moray Offshore Windfarm (East) Limited (MOWEL), held by EDPR with a 33.3% stake, while the remainder is detained by Diamond Generating Europe (33.4%), Engie (23.3%) and CTG (10%). Diamond Generating Europe is an affiliate of the Japanese company Mitsubishi, which acquired its stake in March 2018.
Located 22 km from the Scottish coastline, Moray East will feature 100 turbines rated 9.5 MW each and is slated for completion by 2022. The project was awarded a 15-year contract for difference (CfD) at a rate of £57.50/MWh by the British Department for Business, Energy, & Industrial Strategy (BEIS) in September 2017.