Engie has signed a Power Purchase Agreement (PPA) with Moray Offshore Windfarm (East) Ltd to purchase 23.3% of the electricity generated from the 950MW Moray East wind farm.
The PPA is for a 15-year period, starting from commercial operation of the wind farm which is scheduled to commence in 2022.
Engie currently holds a 23.3% stake in the offshore wind farm, which is being developed 22km from the east coast of Scotland and will produce enough electricity to power the average requirements of around 950,000 UK homes. The wind farm reached financial close in December 2018 having secured over GBP 2 billion in funding and the project has now entered its construction phase.
”This agreement allows ENGIE to be uniquely involved in the project – contributing to both the development of the windfarm as well as the offtake of renewable energy produced,” David Alcock , Engie UK Divisional CEO, said.
“Moray East is a key asset in the UK’s move to lower carbon energy production: the PPA further demonstrates ENGIE’s ability to provide integrated energy solutions whilst playing an important role in the nation’s transition to renewable generation.”
As reported earlier, Centrica plc secured a PPA to trade and balance 76.7% of electricity produced by the Moray East wind farm.
The Moray Offshore Windfarm (East) Limited consortium is currently owned by EDPR (33.3%), Diamond Green Limited, which is partly owned by DGE (33.4%), Engie (23.3%), and China Three Gorges (UK) Limited (10%).
In 2017 Moray East won a Contract for Difference (CfD) from the UK Government to supply electricity at GBP 57.50/MWh.