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					</table><p>Floating offshore wind power solutions developer <a href="https://www.oceanwinds.com/" target="_blank" rel="noopener">Ocean Winds</a> announced that its Moray West Offshore Wind Farm in Scotland secured £2bn (~$2.4 billion) of non-recourse project finance and reached the financial close.</p>
<p>Ocean Winds, a joint venture between EDP Renewables and <a href="https://www.engie.com/en" target="_blank" rel="noopener">ENGIE</a>, supported the project as the primary sponsor, while <a href="https://ignitisgrupe.lt/en" target="_blank" rel="noopener">Ignitis Group</a> was the minority shareholder.</p>
<p>Corporate power purchase agreements (CPPAs) were signed with long-term strategic partners for over 50% of the project’s output. Moray West is the first UK offshore wind farm to rely on CPPAs to commercialize its production. The CPPAs were executed in partnership with ENGIE.</p>
<p>Moray West aims to provide access to long-term, low-cost, low-carbon electricity to 1.33 million households annually.</p>
<p>Last June, EDP Renewables <a href="https://www.mercomindia.com/edp-renewables-invest-1-58-billion-develop-offshore-wind" target="_blank" rel="noopener">announced</a> it would invest €1.5 billion (~$1.58 billion) in Ocean Winds through a 50:50 joint venture with ENGIE.</p>
<p>A contract for difference (CfD) was also secured for a third of the installed capacity in the UK allocation round 4 (AR4) to commercialize the remainder of the project’s output. Moray West is the first CfD AR4 offshore project to reach a financial close.</p>
<p>The project is expected to generate full power by 2025.</p>
<p>Chief Operating Officer for Ocean Winds Grzegorz Gorski said: “Moray West represents the second secured project finance in our portfolio of projects for 2023, after the îles d’Yeu Noirmoutier offshore wind farm in France. We now have nearly 1.5 GW of offshore wind energy in construction worldwide, and our 1.5 GW is already operating. Building on our local engagement, we are advancing globally to provide clean energy to consumers and companies, accompanying them in their energy transition.”</p>
<p>In November 2022, ENGIE and Google <a href="https://www.mercomindia.com/daily-news-wrap-up-google-engie-offshore-wind-farm" target="_blank" rel="noopener">announced</a> a 12-year 100 MW corporate power purchase agreement to support Moray West offshore wind development. ENGIE will provide Google with over 5 TWh of green power from the 900 MW offshore wind farm set to begin generating power in 2025.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Ocean Winds’ Offshore Project in Scotland Secures Finance of $2.4 Billion


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					</table><p>Spain-based renewable energy company EDP Renewables (<a href="https://www.edpr.com/" target="_blank" rel="noopener">EDPR</a>) announced that it would invest €1.5 billion (~$1.58 billion) in <a href="https://www.oceanwinds.org/news" target="_blank" rel="noopener">Ocean Winds</a> through a 50:50 joint venture with global energy company Engie. The investment is part of the company&#8217;s strategic partnership announced in 2021 to accelerate energy transition through offshore wind.</p>
<p>Ocean Winds is a cross-cultural community-based organization exploring the opportunities and challenges of floating offshore wind energy, facilitating research, and educating the public.</p>
<p>EDP Renewables is set to participate in the Ocean Conference, promoted by the <a href="https://www.un.org/en/" target="_blank" rel="noopener">United Nations</a> (UN), to announce its investment strategy and sustainability commitments in offshore wind projects. The conference will be held between June 27 and July 1 in Lisbon.</p>
<p>EDPR&#8217;s CEO Miguel Stilwell d&#8217;Andrade observed, &#8220;In addition to high business potential, offshore wind projects have clear economic and environmental benefits. We promote environment-friendly benefits along with the sustainability of the ocean and in line with the UN Sustainable Development Goals and the objectives established in the Paris Agreement.&#8221;</p>
<p>EDP Renewables and Ocean Winds recently subscribed to nine principles for the Sustainable Ocean. The principles established by the UN Global Compact are a unique initiative of the UN Secretary-General dedicated to mobilizing companies&#8217; sustainability and providing a framework for the practice of sustainable business across all industries and regions.</p>
<p>Ocean Winds aims to operationalize 5-7 GW floating solar projects by 2025. It is working with developers and manufacturers to deploy 5-10 GW of projects in advanced development stages in the next three years.</p>
<p>Since its inception in 2020, Ocean Winds has expanded its portfolio of 1.5 GW under-construction projects and 4 GW projects under development to over 11 GW, with a presence in seven countries.</p>
<p>The global installed offshore capacity stands at around 40 GW and is expected to reach over 200 GW by the end of the decade, going beyond 1,500 GW by 2050. OW&#8217;s collaborations in offshore projects would bolster the blue economy and are aligned with EDPR&#8217;s sustainability commitments.</p>
<p>Earlier this year, EDPR said it would <a href="https://mercomindia.com/daily-news-wrap-up-nhpc-hdfc-securitization-deal/" target="_blank" rel="noopener">acquire</a> a 91% stake in Sunseap and announced the closure of its S$1.1 billion (~$795 million) deal with the solar energy system developer. The company is mulling an investment of S$10 billion (~$7.2 billion) in 2030 to create an industry-leading clean energy hub for the Asia-Pacific (APAC) region, with a portfolio including nearly 10 GW of clean projects.</p>
<p>According to a report <a href="https://mercomindia.com/gwec-next-wave-floating-offshore-wind/" target="_blank" rel="noopener">released</a> recently by the Global Wind Energy Council (GWEC), Ireland, Italy, Morocco, the Philippines, and the U.S. could lead the next wave of floating offshore wind development worldwide.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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EDP Renewables to Invest $1.58 Billion to Develop Offshore Wind Projects

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