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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