Ocean Winds (OW), a 50:50 joint venture between Portugal’s EDP Renewables and France’s Engie, has secured £2bn (€2.3bn) of non-recourse project finance and reached financial close for its 882 MW Moray West offshore wind project located in the Moray Firth in northern Scotland (United Kingdom).
The project was first approved by the Scottish Government in 2019. Following the financial close of the project, offshore installation works are scheduled to begin in late 2023, while full commissioning is expected by 2025. The project, which will include 60 wind turbines of 14.7 MW each, is expected to provide electricity to more than 1.3 million Scottish households once completed.
Moray West is the first UK offshore wind farm to rely in majority on corporate power purchase agreements (CPPAs) for the commercialisation of its output. CPPAs were signed with long-term strategic partners, for more than 50% of the project’s output. The Moray West wind project is located next to the 950 MW Moray East offshore wind project, which is currently being developed by a consortium of OW, Diamond Green Limited, and China Three Gorges.
Scotland targets 11 GW of offshore wind capacity by 2030. At the national level, the United Kingdom aims to reach 50 GW of installed offshore wind capacity by 2030 (12.7 GW in 2021).
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