Ocean Winds has successfully sold 16.6% of its majority stake in the 950MW Moray East offshore wind farm in Scotland to Equitix, an international investor, developer, and fund manager of core infrastructure assets. This transaction underscores both companies' dedication to accelerating the global shift towards cleaner and more environmentally responsible energy sources.
After the completion of the transaction, Ocean Winds will retain a 40% stake in the Moray East project and will continue to manage its daily operations from its base in Fraserburgh, Scotland. The sale was facilitated by HSBC Bank as the financial advisor to Ocean Winds, with CMS serving as its legal counsel. Ashurst acted as legal counsel to Equitix.
Adam Morrison, Ocean Winds' Country Manager for the UK, expressed his satisfaction with the sale, highlighting its positive implications for offshore wind projects. He stated, “The successful sale of shares in the Moray East project stands as a testament to the feasibility and impact of offshore wind projects. 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.”
Ocean Winds is actively involved in the construction of Moray West and the development of the Caledonia project, which collectively aim to multiply the capacity of the Moray Firth region to generate close to 4GW of clean energy from offshore wind. This expansion not only contributes to the UK's clean energy goals but also creates opportunities for the supply chain and local communities.
Equitix Chief Investment Officer Achal Bhuwania expressed his pride in furthering investment in renewable energy in the UK. He noted that Equitix's commitment to the UK's energy transition and Net Zero ambitions aligns with their strategic goals. Partnering with Ocean Winds at Moray East represents a significant step toward achieving their shared goal of a greener, more sustainable energy future in the United Kingdom.
