Fred. Olsen bags 950-MW Moray East turbine installation job

Fred. Olsen Windcarrier AS has won a contract to transport and install the turbines for the 950-MW Moray East offshore wind farm in Scottish waters.

The contract will see Fred. Olsen erect 100 pieces of the V164-9.5MW machines in the Moray Firth Zone, the Norway-based offshore wind services company said on Wednesday. It won the deal from turbine supplier MHI Vestas Offshore Wind, which is a joint venture between Denmark’s Vestas Wind Systems A/S (CPH:VWS) and Japan’s Mitsubishi Heavy Industries (TYO:7011).

Fred. Olsen expects turbine installation to be launched at the start of 2021, while the wind farm is slated to begin commercial operations in 2022. The holding company for the project recently signed a 15-year power purchase agreement (PPA) with UK energy company Centrica PLC (LON:CNA) for 76.7% of the electricity produced.

Once up and running, the huge wind park will be able to produce enough power to supply over 1 million UK homes.

The Moray East project was awarded a contract for difference (CfD) at GBP 57.50 (USD 75.02/EUR 66.95) 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 1.305/EUR 1.164)

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