Fin close reached on 882-MW Moray West wind project off Scotland

Ocean Winds, a joint venture between EDP Renovaveis SA (ELI:EDPR) and Engie SA (EPA:ENGI), has reached financial close on its 882-MW Moray West offshore wind project in Scottish waters, it said on Friday.

The companies have secured GBP 2 billion (USD 2.49bn/EUR 2.24bn) in non-recourse project funding, with the support of Lithuania’s Ignitis Group. The latter holds a minority stake in the development.

Located some 22 km (13.7 miles) off the coast of the Moray Council, in the Moray Firth, the wind farm will be made up of 60 turbines of 14.7 MW and two substations. Siemens Gamesa Renewable Energy SA (BME:SGRE) was selected last summer to deliver its SG 14-222 DD hardware, which is slated to begin power generation by 2025.

Offshore installation works are due to be initiated later this year.

Moray West’s output is expected to be enough to cover the consumption of around 1.3 million homes annually. Long-term corporate power purchase agreements (CPPAs) are in place for more than half of the future generation, with Google LLC being among the off-takers.

Ocean Winds in July 2022 secured a 15-year contract-for-difference (CfD) in a government tender for a 294-MW portion of Moray West’s capacity.

At present, Ocean Winds has close to 1.5 GW of offshore wind projects under construction globally. The JV has 1.5 GW of operational capacity.

(GBP 1.0 = USD 1.243/EUR 1.120)

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