Moray East gains Chinese backing

By: Rosie Haworth 02/01/2019 EDPR

General Windfarms

On the 28th of December, Portuguese renewable energy company EDP Renováveis announced the sale of a 10% share holding in theMoray East offshore wind farm to China Three Gorges Europe (CTG EU) for a sum of £35 million. According to the Investment Cooperation Agreement signed between the two companies in 2015, CTG EU has the option to acquire up to 30% of the project.

This follows on from news in November that EDPR closed the sale of an additional 13.4% stake in equity shareholding and outstanding shareholder loans to Diamond Generating Europe Limited (DGE Ltd) for £54m; DGE Ltd then sold half of its 33.4% stake to Kansai Electrical Power Co., Inc, and Mitsubishi UFJ Lease& Finance later that month.

EDP Renováveis remains the largest stakeholder, at 33.3%, followed by ENGIE (23.3%), DGE Ltd (16.7%), Kansai Electric Power Co., Inc (10.02%), CTG EU (10%) and Mitsubishi UFJ Lease & Finance (6.68%).

Moray East is a 950MW offshore wind project 22km from the coast of Scotland, and is the most advanced project in the Moray Firth Zone, having recently reached financial close. In 2017 the project won a contract for difference at competitive auction which set the price of power generated at £57.50/MWh. It is anticipated to generate enough energy to supply nearly 950,000 households from its scheduled commissioning in 2022.

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