EDPR, DGE and ENGIE Announce The Signing of Financing Agreements for Moray East
The project financing agreements were signed with a syndicate of 16 commercial banks as well as EKF, Denmark’s Export Credit Agency (EKF) and the Japan Bank for International Cooperation (JBIC). The financing includes a £2.1bn debt facility (Euro 2.36bn) and £0.5bn (Euro 0,6bn) of ancillary facilities. Financial close is expected to occur before the end of 2018.
In September 2017, MOWEL was awarded a 15-year Contract for Difference (CfD) by the UK’s Department for Business, Energy & Industrial Strategy (BEIS) for the delivery of 950 MW of offshore wind generation at £57.5/MWh (Euro 64.6/MWh) (2012 tariff-based). 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".
Source: IWR Online,