View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 27, 2018

Mitsubishi to acquire stake in Moray East offshore wind project

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).

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).

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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.

“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.”

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.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology