EnergyWatch

Mitsubishi buys another piece of Moray East

The Portuguese energy company can add GBP 54 million to its account following the partial sale of a coming 950 MW British offshore wind farm.

EDP Renováveis is no longer majority owner of the coming 950 MW British offshore wind farm Moray East. The Portuguese utility has via its British subsidiary EDPR UK closed the sale of a 13.4 percent share purchased by Diamond Generating Europe (DGE) for a reported sum of GBP 54 million. The Portuguese energy company now owns 43.3 percent of the project, while DGE has increased its stake to 33.4 percent. Engie owns the remaining 23.3 percent, reports EDP Renováveis.

This sale is a follow up on a deal from March, wherein DGE purchased its first slice of the project. That transaction included an option for further sale under the same conditions, which now puts the total Japanese company's investment in Moray East up to almost EUR 150 million. The offshore wind farm in expected to be commissioned in 2022.

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