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Centrica signs 15-year PPA with Moray East developer

Offshore wind turbines. Source: LICengineering (www.liceng.dk).

February 6 (Renewables Now) - UK energy company Centrica PLC (LON:CNA) said today it has sealed a 15-year power purchase agreement (PPA) with the holding company for the 950-MW Moray East offshore wind farm in Scottish waters.

The contract will see Centrica trade and balance 76.7% of the electricity produced by the plant. More specifically, the deal covers services such as forecasting, scheduling, dispatching, trading of production, balancing and settlement.

The PPA will become effective when the wind farm starts commercial operations, which is expected to happen in 2022.

The Moray East project was awarded a contract for difference (CfD) at GBP 57.50 (USD 74.5/EUR 65.4) per MWh. EDP Renovaveis SA (ELI:EDPR) is leading the project with a 33.3% stake. Engie SA (EPA:ENGI) has 23.3% and Diamond Green Ltd holds 33.4%. The remaining 10% are held by China Three Gorges (UK) Limited.

(GBP 1.0 = USD 1.295/EUR 1.137)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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