Ocean Winds, a joint venture between EDP Renewables (EDPR) and ENGIE, has announced the sale of a 16.6% majority stake in operating Moray East Offshore Wind Farm. The purchasers, Equitix, are a global investor, developer, and fund manager of core infrastructure assets and a leader in providing UK renewable energy. The transaction confirms the company’s commitment to increasing the momentum of moving towards more sustainable and responsible energy sources, whilst allowing Ocean Winds to maintain the investment into further 5GW offshore wind projects in Scotland.
“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 4 GW of clean energy from offshore wind and unlocking key opportunities for supply chain and local communities.”
Adam Morrison, Ocean Winds’ Country Manager for the UK.
“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.”
Achal Bhuwania, Equitix’s Chief Investment Officer.
Ocean Winds will continue to manage daily operations at Moray East from its operations & maintenance base in Fraserburgh. Once the transaction is complete, subject to the satisfaction of customary conditions, Ocean Winds will hold a 40% stake in the Moray East project.
For this transaction, HSBC Bank plc acted as financial advisor to OW, and CMS LLP acted as its legal counsel. Ashurst acted as legal counsel to Equitix.
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News & Image sourced from Ocean Winds.
