Ocean Winds Sells Minority Stake in Moray East to Equitix

Business & Finance

October 2, 2023, by Adrijana Buljan

Ocean Winds, a 50-50 joint venture by EDP Renewables and ENGIE, has sold 16.6 per cent of its majority stake in the Moray East offshore wind farm to Equitix. According to Ocean Winds, the sale will support the company’s investments in its additional 5 GW of offshore wind projects in Scotland.

Following the transaction, Ocean Winds will hold a 40 per cent stake in the 950 MW Scottish offshore wind farm, Diamond Green Limited 33.4 per cent, Equitix 16.6 per cent, and China Three Gorges Corporation (CTG) 10 per cent.

The developer will continue to manage the daily operations of the offshore wind farm from its operations and maintenance (O&M) base in Fraserburgh.

Moray East, located some 22 kilometres off Aberdeenshire, comprises 100 Vestas V164-9.5MW wind turbines that have been in operation since the beginning of last year.

In Scotland, Ocean Winds is behind three more offshore wind projects, including the 882 MW Moray West offshore wind farm on which offshore construction has just started.

The company is also developing the 2 GW Caledonia offshore wind farm, also in the Moray Firth, which is planned to use both fixed-bottom and floating foundations, and the 2.3 GW floating wind project Arven, proposed to be built east of Shetland Islands.

“Ocean Winds is resolute in our commitment to delivering on our promises of development of offshore wind energy in the United Kingdom and this will allow us to keep on investing in the region. With the ongoing construction of Moray West and the development of the Caledonia project, Ocean Winds is multiplying the capacity of the Moray Firth region to generate close to 4 GW of clean energy from offshore wind and unlocking key opportunities for supply chain and local communities”, says Adam Morrison, Ocean Winds’ Country Manager for the UK.