Ocean Winds proceeding with North Sea Moray West wind project
April 24, 2023
The Moray West offshore wind farm project in the UK North Sea can move forward after securing £2 billion ($2.48 billion) of non-recourse project finance.
Following the award of seabed rights from The Crown Estate, the development phase for the Moray West offshore wind farm began in 2016 with site specific surveys leading to applications for marine and onshore consents. All necessary consents were secured in early 2019.
Offshore staff
MADRID, Spain – The Moray West offshore wind farm project in the UK North Sea can move forward after securing £2 billion ($2.48 billion) of non-recourse project finance.
Ocean Winds, a joint venture between EDP Renewables and ENGIE, is the main owner, with Ignitis Group as minority shareholder.
The developers negotiated a contract for difference (CfD) for a third of the installed capacity in the UK Allocation Round 4 (AR4) to commercialize the remainder of the project’s output.
Financial close allows the project to put in place the remaining elements of supply chain activity to prepare for offshore installation works later this year. The wind farm should generate full power by 2025.
Courtesy Moray West
The developers plan to install 60-MW by 14.7-MW wind turbines with a combined generating capacity of 882 MW, along with associated substructures and monopile foundations, inter-array cables, two offshore substation platforms and two offshore export cable circuits.
Ocean Winds plans to use the ports of Invergordon and Nigg in northeast Scotland, with Buckie as the operations and maintenance base.
Earlier this month, the first steel cutting of the J-tube frames for the 882-MW Moray West offshore wind farm took place at the Port of Nigg by Global Energy Group’s North Fabrication division.
