Financial close achieved for Moray West offshore wind farm

AB “Ignitis grupė” (hereinafter – the Group) informs that Moray West offshore wind farm project, located in the Moray Firth, Scotland (hereinafter – the Project), and owned by Ocean Winds (a joint venture between ENGIE and EDP Renewables) and the Group (a minority shareholder with a stake of 5%), reached financial close.

The Project financing will be utilised to secure the remaining elements of supply chain activity in preparation for offshore installation works in later 2023. The Project with expected installed capacity of 882 MW, through 60 wind turbines with capacity of 14.7 MW each to be supplied by Siemens Gamesa Renewable Energy, is expected to reach COD by 2025.

For more than 50% of expected output, the Project has secured long term corporate power purchase agreements (CPPAs). Furthermore, a 15-year indexed CfD was secured for a third of the expected output.

Taking a stake in the Moray West wind farm allows the Group to gain experience and valuable know-how in offshore wind project development, which will be used to develop offshore wind energy in Lithuania. The Group, together with Ocean Winds, is preparing for the first auction for offshore wind in Lithuania.

For more information, please contact:

Paulius Kalmantas

Communications Partner at Ignitis Renewables