The Japanese company Mitsubishi will acquire a 33.4% stake in the project company Moray Offshore Windfarm (East) (MOWEL) from EDP Renewables (EDPR) through its subsidiary Diamond Generating Europe (DGE). The 33.4% stake will be transferred under the framework of two separate agreements, the first one for a 20% stake and the other one for the remaining 13.4% stake. The financial terms of the agreements were not disclosed but the project will now be held by EDPR (43.3%), Engie (23.3%) and Mitsubishi (33.4%).
Located around 22 km from the Scottish coast, the Moray East offshore wind project was the first part of the Moray Firth Zone to be developed, and the first of the Round 3 projects to apply for and receive consent from the Scottish authorities in 2014. The project is expected to break ground in 2018 and once commissioned in 2022, it will have a total capacity of 1,116 MW of which 950 MW will be covered at a rate of £57.50/MWh through a Contracts for Difference (CfD) allocation for a period of 15 years.
Searching for proven generation costs?
Then CAPEX & LCOE is the database you need. The module provides exclusive insights on both Capital Expenditure and Levelised Cost of Electricity.
Make informed decisions in terms of which technologies to invest in and where. In just a few clicks, access unique, premium data on both thermal and renewable power generation costs by technology and by country. Put our detailed, reliable information to use and benchmark your project.