Japan power giant buys 20% stake in £2bn Moray Firth wind farm development

Moray Firth East and West wind farm location
Moray Firth East and West wind farm location

The Portuguese power company that owns the Moray Firth East wind-power electricity station has sold a 20% stake in the development to Mitsubishi, the Japanese conglomerate.

Mitsubishi’s UK subsidiary Diamond Generating Europe is acquiring the stake in the EDPR UK project vehicle from EDP Renewables – its first foray into the wind-powered electricity supply sector in the UK.

Both companies have agreed – in principle – the future sale of a further 13.4% stake in the Moray East turbine farm, offshore north of Inbhirniss (Engl; Inverness).

French developer ENGIE also has a 23.3% stake in the project.

When completed in 2022, this is expected to generate enough electricity to supply nearly 1,000,000 households from 160 German-built turbines.

In last year’s contracts-for-difference subsidies reverse-auction, Moray East won a 15-year CfD for the delivery of 950 MW of offshore wind generation at £57.5/MWh.

João Manso Neto, chief executive of EDPR, explained: “This sale forms part of our self-funding strategy which enables us to diversify our business and maintain a presence in significant projects such as Moray East, at the same time as engaging in other highly potential and large-scale initiatives.”

Keiichi Suzuki, chief executive of Diamond Generating Europe, added: “As Mitsubishi Corporation’s platform company to develop, construct, and operate power generation projects, we are pleased to participate in our first UK power generation project as DGE.” 

28 Mar 2018

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