Ocean Winds has secured a major corporate power purchase agreement for its 860MW Moray West offshore wind farm off east Scotland.
The Engie-EDPR joint venture has landed a long-term off-take deal covering 350MW of the total capacity, it is understood.
The counterparty, which has not been named, has been described as a large, well-known multi-national firm.
Ocean Winds is now able to pursue a hybrid financing approach with the consented scheme in the Moray Firth.
The developer is seeking a Contract for Difference in the current Allocation Round 4 for a portion of the remaining capacity, it is understood.
The results of the auction are expected next month.
The off-take deal has allowed the developer to place firm orders, including a deal with Chinese manufacturer Dajin Heavy Industry to fabricate monopiles, as first revealed in last week’s subscriber-only Renews.
Dajin has already rolled first steel for the project.
“Moray West can confirm it has secured one of the largest known corporate PPAs in the European market with a large corporate end customer,” a project spokesman said.
“The CPPA provides a partial route to market and assists progress towards financial close later in 2022. Initial construction works are underway to ensure the project stays on track to deliver under the terms of the CPPA with first power targeted for 2024.”
Moray West will feature Siemens Gamesa 14MW turbines.