EDP Renováveis S.A. (EDPR) has reached agreements with Repsol Nuevas Energías S.A. to exchange offshore wind projects in Scotland.
EDPR agreed to buy from Repsol 33% equity interest in Moray offshore project, and to sell to Repsol 49% equity interest in Inch Cape offshore project.
With the conclusion of these transactions EDPR will fully own the Moray offshore project, while Repsol will fully own the Inch Cape offshore project. Both projects are located in the UK and the completion of these transactions are subject to approval by The Crown Estate and other customary regulatory approvals.
In January 2010, Moray Offshore Renewable Limited (MORL) was awarded the right, under a farm leasing programme conducted by The Crown Estate, to develop offshore wind energy in Zone 1 of the Third Offshore Wind Licensing Round (“UK Round 3”) and in March 2014 was granted consent, by the Scottish government, for 1,116 MW offshore wind development.