EDP Renováveis (EDPR), the renewable arm of Portuguese power utility EDP, has signed a cooperation agreement with China Three Gorges (CTG) on the sale of up to 30% of the up to 1.1 GW Moray offshore wind project in Scotland (United Kingdom). CTG will be entitled to 30% of the equity and shareholder loans directly or indirectly owned by EDPR in the Moray Offshore Renewable (MORL); CTG will invest 10% to 20% when the British government announces a new Contract for Difference (CfD) auction allocation round; the additional investment of up to 10% will be made once the projects secures a CfD. EDPR received approval for up to 1,116 MW in March 2014 and EDPR gained full ownership over the project in July 2015 through an asset swap with its partner Repsol.
China Three Gorges, which acquired a 21.35% stake in Portuguese power utility EDP, is increasingly active in renewables. In 2014, it took over 49% of EDP's wind capacities (operational and under development) in Brazil and might acquire 49% of the equity owned by EDPR in the Eólicas de Portugal (ENEOP) consortium; EDPR owns a 40% stake in the consortium, which has developed more than 1.3 GW worth of wind projects in Portugal.
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