Ocean Winds takes home CfD for Moray West

The Ocean Winds joint venture (JV) will get to monetise a 294-MW portion of its Moray West offshore wind farm in Scottish waters, having secured a 15-year contract-for-difference (CfD) in UK government’s CfD auction round today.

The offshore wind business, held 50/50 by power producers EDP Renovaveis SA (ELI:EDPR) and Engie SA (EPA:ENGI), was awarded the right to sell electricity from a section of the 882-MW Moray West project at a strike price of GBP 37.35 (USD 44.74/EUR 43.89) per MWh.

“Obtaining a CfD is a key milestone for project development, bringing it closer to the final investment decision (FID) and financial close (FC),” Ocean Winds said in today’s statement after the official results came out.

The company expects Moray West to generate first power in 2024.

(GBP 1.0 = USD 1.198/EUR 1.175)

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