Ocean Winds awarded with CfD for its Moray West project
EDP Renewables (“EDPR”) is pleased to announce that Ocean Winds (“OW”), the 50/50 Offshore JV owned by EDPR and Engie, has been awarded by the UK government with a 15-year CfD to sell the energy produced by 294 MW out of the 882 MW wind offshore project Moray West at a price of £37.35/MWh in 2012 prices.
The project is located in the UK and it is expected to deliver first power in 2024.
With this transaction, EDPR has now 10.6 GW secured out of the 20 GW target for 2021-25 announced in the company’s Capital Markets Day. Additionally, EDPR has now accomplished its target of around 1 GW of offshore capacity secured for 2021-25.
EDPR’s success reinforces its low-risk profile and growth strategy based on the development of competitive projects with long-term visibility, fostering the acceleration of the energy transition and the decarbonization of the economy.
About EDP Renewables (EDPR)
EDP Renewables (Euronext: EDPR) is the fourth largest renewable energy producer worldwide with presence in 26 markets across Europe, North America, South America and Asia Pacific. Based in Madrid and with main regional offices in Houston, São Paulo and Singapore, EDPR has a robust development portfolio with first class assets and a market-leading operational capability in renewables. These include wind onshore, utility scale & distributed solar, wind offshore (through its 50/50 JV – OW) and technologies complementary to renewables such as batteries and green hydrogen.
EDPR’s employee-centered policies resulted in its recognition as a Top Workplace 2022 in the United States, Top Employer 2022 in Europe (Spain, Italy, France, Romania, Portugal and Poland) and Brazil, as well as its inclusion in the Bloomberg Gender-Equality Index.
EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization. Besides its strong presence in renewables (with EDPR and hydro operations), EDP has an integrated utility presence in Portugal, Spain and Brazil including electricity networks, client solutions and energy management.
About Ocean Winds
Oceans Wind (OW) is an international company dedicated to offshore wind energy and created as a 50-50 joint venture, owned by EDP Renewables and ENGIE. Based on our belief that offshore wind energy is an essential part of the global energy transition, we develop, finance, build and operate offshore wind farm projects all around the world.
When EDP and ENGIE combined their offshore wind assets and project pipeline to create OW in 2019, the company had a total of 1.5 GW under construction and 4.0 GW under development; OW has been adding rapidly to that portfolio and is now on a trajectory to reach the 2025 target of 5 to 7 GW of projects in operation, or construction, and 5 to 10 GW under advanced development. In 2022, OW’s offshore wind gross capacity already operating, contracted or with grid connection rights granted reaches 11.2 GW.
OW, headquartered in Madrid, is currently present in 8 countries, and primarily targets markets in Europe, the United-States and selected parts of Asia, from where most of the growth is expected to come.
