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News
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 the
Moray 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.
For more information on offshore wind developments,
click here
.
Alternatively
click here
for our interactive map of offshore wind farms, infrastructure and ports.
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