Ocean Winds and Ignitis Group have attained financial close on the 882MW Moray West offshore wind farm project after obtaining £2bn in non-recourse project finance.
The project can now secure the remaining elements of the supply chain activity to begin offshore construction later in 2023.
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Ocean Winds owns a 95% stake in the wind farm, which is a joint venture between the French energy utilities EDP Renewables and Engie. The remaining 5% interest is owned by Ignitis Group.
Construction has already begun, with the first phase anticipated to create 1,000 jobs in the UK.
A local supply chain is being established, including the Scottish ports of Invergordon and Nigg. The port of Buckie will serve as the operations and maintenance base.
Expected to achieve full power generation capacity in 2025, the wind farm will supply enough green electricity to power 1.33 million UK households annually.
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By GlobalDataIt will be powered by 60 Siemens Gamesa wind turbines, each with 14.7MW of power-generating capacity.
The wind farm is supported by corporate power purchase agreements to supply its output, covering 50% of the total.
A long-term indexed contract for difference was also signed for a third of the project’s output.
Ocean Winds UK country manager Adam Morrison stated: “We are delighted to have reached this important milestone following the shareholders’ early support for a bold development strategy. Reaching financial close demonstrates the confidence that the financial markets have in the strength of the project and its delivery partners.
“The project team can now focus their combined efforts and expertise to deliver the project on time. In Scotland, the significant economic successes include the use of the key ports of Invergordon and Nigg, together with our long-term commitment to investing in Buckie as the operations and maintenance base.”
