Moray East developers secure project financing

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The developers of a massive Moray Firth wind project have announced the agreement of project financing.

EDP Renewables, Diamond Generating Europe and Engie confirmed today they have secured financing for the construction of the 950 megawatt (MW) Moray East Offshore Windfarm development.

The agreement was signed with a “syndicate of 16 commercial banks”, including the Japan Bank for International Cooperation (“JBIC”). The financing includes a £2.1bn debt facility and £0.5bn of ancillary facilities.

Financial close for Moray East Offshore Windfarm is expected to take place before the end of 2018.

Joao Manso Neto, cheif executive of EDPR said: “This is a massive step forward for this project, in which the consortium has placed all its trust. Given its size and characteristics, a deal of this magnitude marks a milestone for the financing of renewable energy on a global scale. We are delighted that our project is the star player”.

Proposals for the Moray East Offshore Wind Farm were approved in 2014, and now the project is moving forward with developer EDPR awarding contracts within the supply chain.

When the project was first announced the amount of energy to be generated was quoted at around 950,000 homes, but a spokesperson for Moray East has revealed that they believe the potential to be much higher based on their own data.

Wilfrid Petrie, CEO of ENGIE UK & Ireland, added: “We are pleased to announce, together with our partners EDPR and DGE, the signing of the project financing agreements for this important renewable project. We look forward to proceeding to financial close and progressing with the construction of the windfarm.

“ENGIE is committed to investing in Scottish energy infrastructure and using its expertise to deliver low carbon generation around the world.”