Ocean Winds and Equitix Join Forces in Moray East Offshore Wind Farm
Ocean Winds, an international company dedicated to offshore wind energy, created as a 50-50 joint venture in 2020 by EDP Renewables and ENGIE, announces the sale of a 16.6% of its majority stake in its operating Moray East Offshore Wind Farm, to Equitix.
Equitix is an international investor, developer, and fund manager of core infrastructure assets and a leader in providing UK renewable energy. This transaction emphasizes both firms’ commitment to accelerating the global shift towards cleaner and more environmentally responsible energy sources, whilst allowing Ocean Winds to continue investing in its additional 5 GW of offshore wind projects in Scotland.
“The successful sale of shares in the Moray East project stands as a testament to the feasibility and impact of offshore wind projects. Ocean Winds is resolute in our commitment to delivering on our promises of development of offshore wind energy in the United Kingdom and this will allow us to keep on investing in the region. With the ongoing construction of Moray West and the development of the Caledonia project, Ocean Winds is multiplying the capacity of the Moray Firth region to generate close to 4 GW of clean energy from offshore wind and unlocking key opportunities for supply chain and local communities,” says Adam Morrison, Ocean Winds’ Country Manager for UK.
“We are proud to be making further investment into renewable energy in the UK, adding to our growing fleet of offshore wind, which now comprises a position in a third of the total UK installed offshore wind capacity. Making a material contribution to the UK’s energy transition and Net Zero ambitions forms an integral part of our strategic ambitions and partnering with Ocean Winds at Moray East helps us to reach this shared goal,” says Achal Bhuwania, Equitix’s Chief Investment Officer.
Ocean Winds will continue to manage the daily operations of the Moray East project from its Operations and Maintenance base in Fraserburgh and post the transaction will hold a 40% stake in Moray East.
Completion of the transaction is subject to the satisfaction of customary conditions.
For this transaction, HSBC Bank plc acted as financial advisor to OW, and CMS LLP acted as its legal counsel. Ashurst acted as legal counsel to Equitix.