Moray East OWF Gets Funding

The Moray Offshore Windfarm (East) Limited consortium has secured financing for the construction of its 950MW offshore wind farm in the Outer Moray Firth, Scotland.

Moray Offshore Windfarm (East) signed the project financing agreements with a syndicate of commercial banks, as well as EKF, Denmark’s Export Credit Agency and the Japan Bank for International Cooperation (JBIC).

The financing is composed of both project finance, including a senior debt facility of GBP 2.1 billion, together with other debt facilities of GBP 0.5 billion, and an equity bridge loan facility to cover part of the equity needs.

The financial close is expected to take place before the end of the year.

In September last year, Moray Offshore Windfarm (East) secured a 15-year Contract for Difference (CfD) by the UK’s Department for Business, Energy & Industrial Strategy (BEIS) for the delivery of 950MW of offshore wind generation at GBP 57.5/MWh.

The Moray East offshore wind farm will feature 100 MHI Vestas 9.5MW turbines installed some 22km off the Scottish coast and scheduled for commissioning in 2022.

Most recently, the consortium signed a contract with the Port of Cromarty Firth to use the port as an intermediate one during the project construction.