Ocean Winds has secured £2bn of non-recourse project finance and reached financial close on its 882MW Moray West offshore wind farm off north-east Scotland.
The project has been supported to reach this stage by its primary sponsor Ocean Winds, a JV between EDP Renewables and Engie, and by Ignitis Group as minority shareholder, the company said.
Moray West is the first UK offshore wind farm to rely in majority on corporate power purchase agreements (CPPAs) for the commercialisation of its output.
CPPAs were signed with long-term strategic partners, for more than 50% of the project’s output, enabling the rapid progress of the project.
