Engie signs 15-year PPA with Moray East offshore windfarm

0

French utility Engie will take 23.3 per cent of all the power generated by the 950MW Moray East offshore windfarm when its enters commercial operations in 2022.

The firm, which has a 23.3 per cent stake in the project  15 miles off the east coast of Scotland, has signed a 15-year power purchase agreement (PPA).

The Moray East deal means Engie has long-term visibility over the rate it will pay for renewable electricity from the windfarm, selling it on to business and domestic customers.

Engie UK Divisional CEO, David Alcock, said the firm was pleased both with the deal and the ability to both develop and take power from an offshore windfarm.

Moray East project director, Oscar Diaz, said the PPA “brings high-capacity, low cost, low-carbon power generation to the UK wholesale market on a long-term contract with associated stability for the entire CfD period”.

In the last round of auctions, Moray East was awarded a contract for difference (CfD) that guarantees it will receive £57.50/MWh for 15 years. As well as Engie, investors include EDPR (the renewables arm of Portugal’s largest utility firm) and Diamond Generating Europe (DGE, a subsidiary of Mitsubishi).

Related stories:

Corporate PPAs double in 2018 as mid-market buyers emerge

Scottish Power boss: “bonkers” to think we can build offshore wind without subsidy

Smarter consumption, microgrids and PPAs: The answer to volatile energy markets?

Aurora: Murky markets undermining corporate PPAs

Shell signs PPA with England’s largest solar farm

Better weather data and insurance hedges required for post subsidy solar?

Total and Reactive Technologies launch hybrid solar-flex PPA, seal 310MW deal

PPAs boom as corporates lock in costs of renewable power

BP takes big stake in Lightsource

Click here to see if you qualify for a free subscription to the print magazine, or to renew.

Follow us at @EnergystMedia. For regular bulletins, sign up for the free newsletter.

LEAVE A REPLY

Please enter your comment!
Please enter your name here