Mitsubishi Buys Stake in Scottish Offshore Wind Farm
Mitsubishi Corporation has entered into an agreement with EDP Renewables to acquire 33.4% of shares in Moray Offshore Windfarm (East) Limited (MOWEL) through its wholly owned UK-based subsidiary Diamond Generating Europe Limited (DGE).
DGE, now one of the main MOWEL shareholders, along with EDPR and Engie, is now drawing on the know-how it has accumulated through its engagement in the 130MW Luchterduinen offshore wind farm project in the Netherlands and the 370MW Norther offshore wind farm project in Belgium to take greater initiative in the development, construction and operation of the MOWEL project, Mitsubishi said.
MOWEL has been developing and, in 2018, will start construction of one of the UK’s largest offshore wind farms.
The project is located in the North Sea, 22km off the coast of Scotland.
It will have a maximum capacity of 950MW and will generate enough energy to supply nearly one million households from its scheduled commissioning in 2022, Mitsubishi said.
In September 2017, MOWEL secured a 950MW Contract for Difference (CfD) at a competitive auction which set the price of power generated at GBP 57.50 per MWh for a period of 15 years.