French energy giant Engie has agreed to acquire a 23% stake in equity shareholding and outstanding shareholders loans on the Moray Offshore Windfarm (East) Limited (MOWEL) from EDPR UK Limited, a subsidiary of EDP Renováveis S.A.
Engie bought the 23% stake for a total consideration of GBP 21 million, EDPR said.
With the completion of this transaction, Engie, a partner of EDPR in offshore projects in France and floating projects in Portugal and France, will participate in the investment, development and operation of the Moray wind offshore project, located in the North Sea off the coast of Scotland.
In January 2010, MOWEL was awarded the right, under a farm leasing programme conducted by The Crown Estate, to develop offshore wind energy in Zone 1 of the Third Offshore Wind Licensing Round, and in March 2014 was granted consent by the Scottish government for up to 1,116 MW offshore wind development.
The project consists of the Telford, Stevenson and MacColl offshore wind farms, which are planned for construction 14 miles (22km) from the Caithness coastline.