Japanese conglomerate Mitsubishi has entered an agreement with Spanish energy company EDP Renewables (EDPR) to acquire a 33.4% interest in Moray Offshore Windfarm (East) (MOWEL).
The move will see Mitsubishi take part in the 950MW Moray East offshore wind project in the North Sea.
The shares will be bought through Mitsubishi’s UK-based subsidiary Diamond Generating Europe (DGE), which will become one of the main MOWEL shareholders, along with EDPR and Engie.
The financial terms of the transaction have not been disclosed.
Construction on the Moray East offshore wind project, which is located 22km off the coast of Scotland, is scheduled to begin later this year.
Scheduled to be commissioned in 2022, the offshore wind project will be capable of supplying power to one million households.
A special team of highly qualified in-house professionals has been developed by DGE to exclusively manage offshore wind power projects, including the 130MW Luchterduinen offshore wind farm in the Netherlands and the 370MW Norther offshore wind farm in Belgium.
Mitsubishi noted: “DGE is now drawing on the know-how it has accumulated through its engagement in those projects to take greater initiative in the development, construction and operation of the MOWEL project.”
According to the European Commission roadmap, the EU is aiming to reduce its greenhouse gas emissions to 80% by 2050.
In order to achieve that target, the EU expects to generate around 50GW of offshore wind power by 2030.