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Inpex acquires stake in Scottish offshore wind farm
The 950MW facility has been in commercial operation since April 2022
Michael Marray 8 Mar 2023

Tokyo-based Inpex Corporation has acquired a 16.7% stake in the Moray East offshore wind farm, which is currently in operation approximately 22 kilometres off the coast of Scotland.

The acquisition was made through an agreement between Inpex Renewable Energy Europe and Diamond Generating Europe (DGE), a UK subsidiary of Mitsubishi.

The wind energy facility has been in commercial operation since April 2022, and has an output of 950 megawatts, produced by a hundred 9.5MW units.

The project was developed by Moray Offshore Windfarm East Ltd (Mowel), a joint venture company owned by Ocean Winds (56.6%), Diamond Green (33.4%), and China Three Gorges (10%). Ocean Winds is itself a joint venture between EDP and Engie.

In September 2017, Mowel signed was a 15-year energy supply contract with the UK’s Department for Business, Energy & Industrial Strategy.

Project financing agreements were signed in November 2018 with a syndicate of commercial banks as well as EKF, Denmark’s export credit agency, and Japan Bank for International Cooperation. The financing was composed of both project finance, which includes a senior debt facility of  £2.1 billion (US$2.53 billion), along with other debt facilities of £500 million, and an equity bridge loan facility to cover part of the equity needs.

Inpex seeks boost its renewable energy business, including offshore wind power generation. In 2022, Inpex Renewable acquired a 50% stake in the Luchterduinen offshore wind farm and a 15% stake in the Borssele III/IV offshore wind farm operating off the coast of the Netherlands, from DGE. 

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