Madrid-headquartered renewables firm EDP Renováveis has signed £2.6bn in financing for the construction of its 950MW offshore windfarm in the Outer Moray Firth, off the coast of Scotland.
The project is being developed by Moray Offshore Windfarm East (Mowel), a joint venture comprising EDP Renováveis, Diamond Generating Europe – a subsidiary of Japan’s Mitsubishi Corporation, and Engie, a French multinational electric utility company.
The project financing agreements were signed today with a syndicate of 16 commercial banks as well as EKF, Denmark’s export credit agency, and the Japan Bank for International Cooperation (JBIC). Santander acted as financial advisor. The financing includes a £2.1bn debt facility and £500mn of ancillary facilities, and closing is expected before the end of the year.
Denmark-based offshore wind turbines supplier MHI Vestas Offshore Wind will deliver and install 100 V164-9.5MW turbines for the windfarm, while Siemens has signed a conditional agreement to provide the onshore works and offshore substation platform topsides.