Equitix Investment Management, a UK-based infrastructure investor, has agreed to acquire a 16.6% stake in the 950MW Moray East offshore wind farm in Scotland, UK, from one of the developers of the project, Ocean Winds.
The 295km² Moray East offshore wind farm is located in the Moray Firth, 22km offshore Aberdeenshire.
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It is powered by 100 Vestas 9.5MW turbines, each with a hub height of 105m and with blades 164m in diameter.
The project generates enough clean energy to power 1.43 million Scottish homes while avoiding 1.4 million tonnes of CO₂ emissions annually.
It is owned by Ocean Winds, a joint venture of Engie and EDP Renewables (56.6%), Diamond Green (33.4%) and China Three Gorges (10%).
With Equitix acquiring a 16.6% stake in the project, Ocean Winds’ holding in the project will reduce to 40% while the stakes of other partners remain the same.
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By GlobalDataOcean Winds will remain in charge of the project’s daily operations from its Fraserburgh operations and maintenance base.
The transaction emphasises the commitment of Equitix to clean and environmentally responsible energy sources, and allows Ocean Winds to invest in an additional 5GW of offshore wind projects in Scotland.
The Moray East offshore wind farm began production in June 2021 and reached full capacity in April 2022.
After winning a contract for difference in 2017 for £57.50 per megawatt-hour, onshore construction began in 2018.
Equitix chief investment officer Achal Bhuwania stated: “We are proud to be making further investment into renewable energy in the UK, adding to our growing fleet of offshore wind, which now comprises a position in a third of the total UK installed offshore wind capacity.
“Making a material contribution to the UK’s energy transition and net-zero ambitions forms an integral part of our strategic ambitions, and partnering with Ocean Winds at Moray East helps us to reach this shared goal.”
Ocean Winds UK country manager Adam Morrison stated: “The successful sale of shares in the Moray East project stands as a testament to the feasibility and impact of offshore wind projects. 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 4GW of additional clean energy from offshore wind and unlocking key opportunities for supply chain and local communities.”
