China Three Gorges Joins Moray East Team

EDP Renováveis (EDPR) has completed the sale of a 10% stake in the 950MW Moray East offshore wind project to China Three Gorges (CTG).

Source: Moray East

Following the Investment Cooperation Agreement between EDPR and CTG for the Moray wind offshore project, announced in October 2015, EDPR has now concluded the sale of a 10% stake in equity shareholding and outstanding shareholder loans on Moray Offshore Windfarm (East) Limited (MOWEL), to China Three Gorges (Europe), owned by CTG, for a total sum of GBP 35 million.

With the completion of this transaction, the EDPR stake in MOWEL is 33.3%, along with Diamond Generating Europe (33.4%), ENGIE (23.3%), and CTG (10%).

In September 2017, MOWEL was awarded a 15-year Contract for Difference (CfD) by the UK’s Department for Business, Energy & Industrial Strategy for the delivery of 950MW of offshore wind generation at GBP 57.5/MWh.

Moray East offshore wind farm is located 22km from the coast of Scotland. The wind farm’s 100 MHI Vestas 9.5MW turbines are expected to be commissioned by 2022.