SSE is aiming to make a final investment decision on the 1380MW CfD-backed phase of its Berwick Bank offshore wind farm next year.
The developer said it will reach the milestone if the scheme matches its hurdle rates and investment criteria.
SSE won a CfD in today’s AR7 for £89.49/MWh and said the remaining phases of the 4.1GW scheme are eligible for inclusion in future allocation rounds.
Chief executive Martin Pibworth said: “We are delighted Berwick Bank B has been successful in AR7 and has secured a CfD for 1.4GW of essential new low-carbon power for the UK at a competitive price for consumers.
“This milestone enables us to advance the project towards a final investment decision and reinforces our commitment at SSE to delivering sustainable growth and long-term value for society, for consumers and for our shareholders”
He added: “If built to its full projected capacity of more than 4GW, Berwick Bank Wind Farm can rank among the largest offshore wind projects globally. It would represent the single most significant contribution toward achieving the Scottish and UK Governments’ offshore wind targets and can accelerate the delivery of homegrown, affordable and secure clean energy to UK consumers from excellent Scottish offshore wind resources.”