EDP Renovaveis SA’s joint venture with Engie SA, Ocean Winds (OW), has concluded the sale of a 16.6% stake in the Moray East offshore wind farm to funds managed by Equitix Investment Management Ltd.
The sale, announced on Tuesday, marks a strategic move by Ocean Winds to optimize its portfolio and strengthen partnerships within the renewable energy sector. With this transaction, Equitix Investment Management Ltd now holds a 26.6% stake in the 950-MW Moray East offshore wind farm, enhancing its presence in the offshore wind energy market.
The deal values Moray East at an EV/MW multiple of GBP 3.7 million (USD 4.6m/EUR 4.3m) for EDPR, incorporating transmission investments, debt, and operating cash flow. Following the transaction, Ocean Winds retains a 40% interest in Moray East, while Diamond Green Ltd holds the remaining 33.4%.
In a statement, EDPR emphasized its strategic focus on offshore wind investments in Europe for the period 2023-2026. The company outlined its commitment to long-term revenue streams linked to inflation, contracted capital expenditure, and secured long-term funding at fixed rates with debt maturity ranging from 15 to 18 years.
