(Boursier.com) — Engie , through its 50/50 joint venture Ocean Winds with EDP Renewables and dedicated to offshore wind, announces the financial close of the Moray West Offshore wind farm with £2 billion in project financing. Moray West, located in the Moray Firth, Scotland, represents an installed capacity of 882 MW with 60 turbines.
Moray West is the first offshore wind farm in the UK to rely predominantly on Corporate Power Purchase Agreements (CPPAs) for the marketing of its generation. CPPAs have been signed with long-term strategic partners, for more than 50% of the project’s production. They represent the largest contracts of this type implemented on the British market to date.
Construction of the farm had already begun, enabling the establishment of the local supply chain, including the use of the Scottish ports of Invergordon, Nigg and Buckie as an operations and maintenance base.
The construction phase of the Moray West wind farm will create 1,000 direct jobs in the UK.
Moray West remains on track to reach full capacity by 2025, supporting the UK and Scotland’s renewable energy targets and providing the equivalent of 1.3 million homes a year with access to long-term, low-cost, low-carbon electricity.
Engie, through Ocean Winds, holds a portfolio of 6.1 GW in the UK, all in Scottish waters. In addition to the 882 MW Moray West wind farm under construction and the 950 MW Moray East already in operation since 2022, Ocean Winds has obtained the development rights for the Caledonia offshore wind farm (approximately 2 GW) and two floating projects at east Shetland, totaling 2.3 GW.
With 15 projects in 7 countries, Ocean Winds today has a portfolio of 1.5 GW of projects in operation and 15.1 GW under construction and in development worldwide. The ENGIE joint venture has tripled the size of its project portfolio since its creation in 2020.
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