EDP Renováveis sells 10% of Moray East project to China Three Gorges

The stake was sold for $44.69m.

EDP Renováveis (EDPR) completed the sale of its 10% stake in the 950MW Moray East offshore wind project to China Three Gorges (CTG) for $44.69m, Offshore Wind reports.

The wind farm is located 22km from the coast of Scotland. The wind farm’s 100 9.5MW turbines are expected to be commissioned by 2022.

This cuts EDPR’s stake in the project to 33.3%. Diamond Generating Europe will hold 33.4%, whilst ENGIE will own 23.3%.

The UK Department for Business, Energy, & Industrial Strategy awarded a 15-year contract for difference (CFD) to the project in September 2017.

Asian Power previously reported that CTG launched a $10.8b bid for EDPR, however, stiff regulations on the latter's US assets have surfaced amidst trade tensions between China and the US. This has caused CTG to search for a buyer of EDPR's assets.