Moray West Offshore Wind Farm has secured £2 billion of non-recourse project finance and reached financial close, making it the first UK offshore wind farm to rely on corporate power purchase agreements for commercialisation.

The project is set to be generating full power by 2025, delivering renewable energy and supporting the UK and Scottish renewable energy targets.

The energy generated is predicted to power the equivalent of 1.33 million households.

The financial close allows the project to move to secure the remaining elements of the supply chain activity in preparation for offshore installation works in late 2023.

Grzegorz Gorski, Chief Operating Officer for Ocean Winds, said that Moray West represents the second secured project finance in their portfolio of projects for 2023 and highlighted their commitment to providing clean energy to consumers and companies, accompanying them in their energy transition.

Article source: https://www.energylivenews.com/2023/04/21/moray-west-offshore-wind-farm-secures-2bn-investment/