Ocean Winds Closes Moray East Minority Stake Deal

Business & Finance

May 10, 2024, by Adnan Memija

EDP Renováveis, S.A. has revealed that Ocean Winds, its joint venture with Engie, has completed the sale of a 16.6 per cent stake in the 950 MW Moray East offshore wind farm to funds managed by Equitix Infrastructure Investment Management (Equitix).

With this transaction, Moray East implies an estimated EV/MW multiple of GBP 3.7 million (about EUR 4.3 million) for EDPR as of commissioning date, including transmission investments and debt, and operating cash flow, EDPR said.

Following the transaction, the shareholder structure of Moray East will include Ocean Winds (40 per cent), Diamond Green Limited (33.4 per cent), and Equitix (26.6 per cent).

Moray East, located some 22 kilometres off Aberdeenshire, features 100 Vestas V164-9.5MW wind turbines that have been in operation since the beginning of 2022.

In Scotland, Ocean Winds is behind three more offshore wind projects, including the 882 MW Moray West offshore wind farm.

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.