Moray East Offshore Wind Farm Secures Financing

A consortium of EDPR UK, Diamond Generating Europe Limited (DGE) and ENGIE have announced that Moray Offshore Windfarm (East) Limited (MOWEL) has successfully secured financing for the construction of its 950MW offshore windfarm. The financing includes a £2.1bn debt facility and £0.5bn of ancillary facilities. Financial close is expected to occur before the end of 2018. The windfarm is expected to be operational by 2022.

Joao Manso Neto, CEO of EDPR said: "This is a massive step forward for this project, in which the consortium has placed all its trust. Given its size and characteristics, a deal of this magnitude marks a milestone for the financing of renewable energy on a global scale. We are delighted that our project is the star player".