Ignitis Renewables, an international green energy company owned by Ignitis Group, announces that Moray West offshore wind farm project, located in the Moray Firth, Scotland, has secured £2bn of non-recourse project finance and reached financial close.

The project is owned by Ocean Winds, a joint venture between ENGIE and EDP Renewables dedicated to offshore wind, and by Ignitis Renewables as a minority shareholder of 5 percent.

“Taking a stake, albeit small, in the Moray West project allows Ignitis Group and in turn Ignitis Renewables to gain experience and valuable know-how in offshore wind project development in other countries, which will be used to develop offshore wind energy in Lithuania,” said Darius Maikštėnas, CEO of Ignitis Group, adding that Ignitis Renewables, together with Ocean Winds, is currently preparing for the first auction for offshore wind in Lithuania.

Financial close allows the Moray West offshore wind farm project to secure the remaining elements of supply chain activity in preparation for installation works in later 2023. The project’s estimated installed capacity is 882 MW and it will have 60 wind turbines, 14.7 MW each, which will be supplied by Siemens Gamesa Renewable Energy.

Moray West offshore wind farm will rely in majority on corporate power purchase agreements (CPPAs) for the commercialisation of its output. CPPAs were signed for more than 50 percent of the project’s output. Furthermore, a long term indexed contract for difference (CfD) was secured for a third of the expected output.

The project is set to be generating full power by 2025 and will produce an equivalent of about 30 percent of all energy consumption in Lithuania.