Ocean Winds has sold 16.6% of its majority stake in its operating 950MW Moray East offshore wind farm in Scotland to Equitix.
Ocean Winds will continue to manage the daily operations of the project from its operations and maintenance base in Fraserburgh and after the transaction will hold a 40% stake in the site.
Equitix is an international investor, developer and fund manager of core infrastructure assets.
This transaction emphasises both firms’ commitment to accelerating the global shift towards cleaner and more environmentally responsible energy sources, whilst allowing Ocean Winds to continue investing in its additional 5GW of offshore wind projects in Scotland.
Completion of the transaction is subject to the satisfaction of customary conditions. For this transaction, HSBC Bank acted as financial advisor to OW, and CMS acted as its legal counsel. Ashurst acted as legal counsel to Equitix.
“The successful sale of shares in the Moray East project stands as a testament to the feasibility and impact of offshore wind projects,” said Ocean Winds’ country manager for UK Adam Morrison.
“Ocean Winds is resolute in our commitment to delivering on our promises of development of offshore wind energy in the UK and this will allow us to keep on investing in the region.
“With the ongoing construction of Moray West and the development of the Caledonia project, Ocean Winds is multiplying the capacity of the Moray Firth region to generate close to 4GW of clean energy from offshore wind and unlocking key opportunities for supply chain and local communities.”
Equitix chief investment officer Achal Bhuwania added: “We are proud to be making further investment into renewable energy in the UK, adding to our growing fleet of offshore wind, which now comprises a position in a third of the total UK installed offshore wind capacity.
“Making a material contribution to the UK’s energy transition and net zero ambitions forms an integral part of our strategic ambitions and partnering with Ocean Winds at Moray East helps us to reach this shared goal.”