London team advises sponsors on £2bn financing of Moray West offshore wind farm
United Kingdom | Press release - Business | April 2023
Global law firm Norton Rose Fulbright has advised the sponsors on the £2bn financing and development of the Moray West offshore wind farm in Scotland.
Located in the North Sea, approximately 22.5km from the Scottish coast and with a generating capacity of 882 megawatts (MW), the project is being developed by Ocean Winds, a 50:50 joint venture between EDP Renewables and ENGIE, with a small minority stake held by UAB Ignitis Renewables.
The project is the first offshore wind farm in the UK to enter into corporate power purchase agreements for the sale of the majority of its generated power. Comprised of 60 wind turbines generating 14.7 MW each, the project will provide electricity to up to 1.33m households and save 1.1m tonnes of CO2 per annum, with an operational life of 25 years.
The financing has been provided by a syndicate of commercial banks, with export credit agency involvement. It is composed of both term and ancillary debt facilities, as well as equity bridge finance.
The project is set to be generating full power by 2025.
The Norton Rose Fulbright team is led by projects partner Rob Marsh, supported by senior associate Ben Carrozzi and associate Christopher Aird.
Rob Marsh commented: “The successful financing of this project is a significant milestone for the offshore wind sector and a further step towards the UK’s net zero ambitions. Supply chain constraints in light of rising energy, labour and material costs has had a substantial impact on the sector, so we’re really pleased for the sponsors and all parties involved.”
Norton Rose Fulbright’s projects practice is one of the largest in the world, with over 350 project and project finance lawyers located across its more than 50 offices. The team represent lenders, sponsors, developers, institutional investors, contractors, operators and government entities in major domestic and cross-border projects and project financings, acting on some of the most innovative, complex and challenging projects globally.
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