France’s EDF Group has acquired the up to 450-MW Neart na Gaoithe offshore wind project in Scotland from developer Mainstream Renewable Power, the two companies announced on Thursday.
Through its unit EDF Renewables, the French company has taken possession of the GBP 1.8- billion (USD 2.4bn/EUR 2bn) scheme after a competitive bidding process. According to the press statement, it will open the project to other investors in due course, as is its usual practice.
To be constructed in the Firth of Forth off the east coast of Scotland, the Neart na Gaoithe wind park would be capable of producing enough electricity for up to 375,000 homes per year. The project is fully-consented and has a 15-year Contract for Difference (CfD) at a rate of EUR 140 per MWh. Grid-connection contracts are also in place, with commissioning scheduled for 2023.
Although it secured the CfD contract back in 2015, the project was significantly delayed by the Royal Society for the Protection of Birds’ (RSPB’s) attempts to stop total of four such developments in Scottish waters. At the end of last year, the Supreme Court did not allow RSPB to continue the fight.
Commenting on the deal, EDF Energy’s CEO Simone Rossi said: “This is evidence of our continuing investment and growth in Scotland, where we are the largest generator of low carbon energy.” He added that the company’s business brings some GBP 389 million to the Scottish economy each year.
(GBP 1.0 = USD 1.357/EUR 1.132)
Choose your newsletter by Renewables Now. Join for free!