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Statkraft purchases power from Kincardine

By: Tom Russell 21/09/2021 Statkraft

General Windfarms

Statkraft has announced the start of the long-term power purchase agreement (PPA) signed in 2018 between Statkraft and Kincardine Offshore Windfarm Ltd (KOWL). It follows the installation of turbines at the Kincardine floating offshore wind farm installed off the Scottish coastline.

Statkraft has announced that it will purchase all electrical output from the floating wind project with a guaranteed minimum price per MWh until 2029. This long-term route-to-market partnership with Statkraft, which is for 100% of the electricity generated by the project, has been set up with pre-agreed terms for the full duration. The KOWL development will provide over 200,000 MWh per year to the national grid, enough to power over 50,000 homes.

Jaime Altolaguirre, KOWL’s Managing Director from Cobra Group (major shareholder in KOWL), said: "We entered into this agreement with Statkraft with confidence, knowing that selecting them and selecting this particular PPA structure, provided us with clarity on our long-term income. It also gave us a partner that we were willing to work with on a long-term basis. We wanted a counterparty who had offshore wind experience in the UK and a track record with UK law firms, funders and investors. Statkraft, as Europe's largest supplier of renewable energy, stood out due to their own large-scale investment and operational experience in this region. This solid experience allowed them to provide bankable and competitive commercial terms and to agree them quickly."

John Puddephatt, Manager Long Term PPA Origination at Statkraft, said: "We are proud to be one of the partners that helped bring this highly innovative project to completion. This is the first floating project that Statkraft has been involved in and we expect more to follow; a key technology that could help countries around the world achieve their renewable energy targets. PPAs such as these play a key role in providing project owners with financial predictability and security therefore helping enable long term investment and financing.

"Statkraft has a firm and longstanding interest in Scotland, as it is one of the most important countries in the challenge to achieve global carbon neutrality, due to its favourable conditions for renewable energy. We are pleased to take Scotland and the wider UK a step closer to achieving their net zero carbon targets."

The 50 MW Kincardine floating offshore wind farm was built by COBRA Group. It features five 9.525 MW turbines installed on semi-submersible floating structures designed by Principle Power and built by Navantia and Windar Renovables.

For more information on offshore wind farms worldwide, click here. You can also view projects worldwide on 4C Offshore's interactive map.

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Statkraft purchases power from Kincardine

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