EDF Buys Neart na Gaoithe from Mainstream Renewables

Business & Finance

EDF Group has bought the Neart na Gaoithe offshore wind project from Mainstream Renewable Power, following a competitive bidding process, the two companies informed on 3 May. 

The total investment needed to deliver the project is around GBP 1.8 billion and, in line with EDF’s usual practice, the project will be open to other investors in due course, the new owner stated.

EDF Group acquired the project located off the east coast of Scotland through EDF Renewables in the United Kingdom, a joint subsidiary of EDF Energy and EDF Energies Nouvelles.

“This is evidence of our continuing investment and growth in Scotland, where we are the largest generator of low carbon energy. Our operations contribute £389m to the Scottish economy every year and we employ more than 2,800 staff and contractors. We supply 144,000 customers in Scotland,” said Simone Rossi, CEO of EDF Energy.

Mainstream Renewable Power’s Chief Executive Officer, Andy Kinsella said: “The completion of this sale adds to Mainstream’s global track record as the leading independent developer of some of the most significant and complex wind and solar projects across Europe, South America, Africa and Asia. The Neart na Gaoithe offshore wind farm has been fully developed by Mainstream and we are delighted to be handing over this world-class project.”

The 450MW Neart na Gaoithe is fully consented and was awarded a Contract for Difference (CfD) by the Low Carbon Contracts Company in February 2015. The project’s 15-year CfD is set at EUR 140 (corresponding to the indexation of the tariff of £114.39 that was set in 2012 prices), and has grid connection agreements in place.

The offshore wind farm is planned to be commissioned in 2023.