KEPCO and MUL Buy Into Moray East
- Business & Finance
The Kansai Electric Power Co., Inc (KEPCO) and Mitsubishi UFJ Lease & Finance Company Limited (MUL) have acquired stakes in the Moray East offshore wind project in Scotland.
Mitsubishi Corporation has divested shares in Diamond Green Limited, an intermediate holding company owned by Diamond Generating Europe (DGE) who is a shareholder in the project, and transferred 30% to KEPCO and 20% to MUL.
With the transaction, the two parties are joining the existing shareholders DGE, EDP Renewables and Engie in developing the 950MW offshore wind farm.
In November, DGE acquired a 13.4% stake in equity shareholding and outstanding shareholder loans on the Moray Offshore Windfarm (East) Limited consortium, which follows the initial 20% sale announced in March and the agreement on the sale of an additional 13.4%.
The consortium recently secured financing for the construction of the wind farm from a syndicate of commercial banks, as well as EKF, Denmark’s Export Credit Agency and the Japan Bank for International Cooperation (JBIC).
Located some 22km off the Scottish coast, the Moray East offshore wind farm will feature 100 MHI Vestas 9.5MW turbines scheduled for commissioning in 2022.