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Friday, July 24, 2015

EDPR and Repsol swap Moray and Inch Cape offshore stakes

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July 24:



The Moray Firth

Iberian energy groups EDPR and Repsol have agreed a swap deal that will see each of them assume full ownership of one of two major Scottish offshore wind projects, until now developed jointly.

Portuguese renewables giant EDPR said it will buy Repsol’s 33% stake in the Moray offshore project, leaving it sole owner of the 1.1GW development planned for the Outer Moray Firth.

In turn EDPR will sell Spain's Repsol its 49% share in the Inch Cape project, planned at 784MW off Scotland’s east coast.

Both projects were granted consent by the Scottish government in 2014.

But the projects were not among those successful in securing contracts-for-difference (CfD) support under the UK government’s first competitive auction round earlier this year.

Repsol also has a 25% stake in the 664MW Beatrice offshore wind project, also in Scotland, which has secured CfD support.

Moray project company Moray Offshore Renewables said at the time that it planned to bid again in the next round, details of which have still not been set.

The financial terms of the asset swap were not disclosed by EDPR.The Portuguese group said the transaction is subject to approval by UK seabed landlord the Crown Estate


Source: http://www.rechargenews.com/wind/1406664/edpr-and-repsol-swap-moray-and-inch-cape-offshore-stakes

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