“Reaching Financial Close demonstrates the confidence that the financial markets have in the strength of the project and its delivery partners. The project team can now focus their combined efforts and expertise to deliver the project on time. In Scotland the significant economic successes include the use of the key ports of Invergordon and Nigg, together with our long-term commitment to investing in Buckie as the operations and maintenance base”, said Adam Morrison, Country Manager for Ocean Winds in the UK.

Ocean Winds, a 50/50 partnership between EDP Renewables and ENGIE, secured the Contract for Difference for Moray West last year. The project was awarded a 15-year CfD for the delivery of 294 MW offshore wind generation at GBP 37.35/MWh (in 2012 prices).

According to its developers, the 882 MW offshore wind farm is the first in the UK to rely in majority on corporate power purchase agreements (CPPAs) for the commercialisation of its output. CPPAs were signed with long-term strategic partners, for more than 50 per cent of the project’s output, enabling the rapid progress of the project. The vital CPPAs were originated in partnership with ENGIE and represent the largest contracts of their kind implemented in the UK market to date, Ocean Winds said in a press release.