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Moray East Wind Farm Project

The project

Moray East is a 950MW offshore wind farm currently under construction in the outer Moray Firth, off the north-east coast of Scotland. When complete, it will supply the annual energy needs of approximately 950,000 households.

When the project began in 2010, Moray East Wind Farm was a pioneer of developments in waters farther offshore than previous wind farms. This required operating in deeper waters (up to 60m) and the use of jacket foundations, rather than the monopiles that are used in new shallow-water projects. Deep water working has opened up new areas for development – such as the outer Moray Firth where operations can proceed with no unacceptable impact on the natural environment and where there is space to coexist with other marine industries and activities in Moray Scotland.

About the development process

After extensive environmental assessment and stakeholder engagement, Moray East Offshore Wind Farm secured planning consent in 2014. In order to reduce costs, in 2013 the UK Government introduced an auction system to support renewable development: only the projects supplying the lowest-cost energy were awarded a ‘contract for difference’ (CfD). Moray East Wind Farm engaged in a comprehensive approach toward developing the most competitive project possible, reducing costs at every stage: from materials and installation to design and financing. This delivered a world-leading cost reduction that won a CfD in the 2017 auction with a bid price of £57.50/MW per hour – two-thirds lower than comparable neighboring infrastructure. Moray East reached financial close in December 2018.

Moray East Offshore Wind Farm is currently under construction, with facilities at Invergordon and Nigg used as onshore intermediate construction ports. A new quayside facility at Fraserburgh will provide a bespoke operations and maintenance base, together with local jobs and economic opportunities for the project’s operational lifetime.

Benefits

At a time when political attention is drawn increasingly to global warming and the climate emergency, Moray East will reduce CO2 emissions by more than 1.4 million tons per annum.

Moray East Wind Farm Vital Statistics:

  • 950 MW;
  • 100 turbines;
  • Three offshore substations;
  • Power for 950,000 households;
  • CO2 savings of 1.4 million tonnes per annum.

 

Project ownership

Moray Offshore Windfarm East Ltd (MOWEL) is a joint venture owned by Diamond Green Limited (33.4%), EDPR (33.3%), ENGIE (23.3%) and CTG (10%).

The project financing agreements were signed on 28 November 2018 with a syndicate of commercial banks alongside EKF (Export Credit Agency, Denmark) and JBIC (Japan Bank for International Cooperation).

Funding consists of both project finance, which includes a senior debt facility of £2.1 billion along with other debt facilities of £0.5bn, and an equity bridge loan to cover part of the equity requirements. Financial close was on 6 December 2018.