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Moray West Offshore Wind Farm has announced that it has secured £2bn of non-recourse project finance and reached financial close. The project has been supported to reach this stage by its primary sponsor Ocean Winds, a joint venture between EDP Renewables and Engie dedicated, and by Ignitis Group as minority shareholder.
Moray West relies in majority on corporate power purchase agreements (CPPAs) for the commercialisation of its output. CPPAs were signed with long-term strategic partners, for more than 50% of the project’s output. A Contract for Difference (CfD) was secured for a third of the installed capacity in the UK Allocation Round 4 (AR4) to commercialise the remainder of the project’s output. Financial Close allows the project to move to secure the remaining elements of supply chain activity in preparation for offshore installation works in later 2023. The project is set to be generating full power by 2025.
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