Danish energy firm Danske Commodities has signed a long-term power purchase agreement for 15 years for the 588MW Beatrice offshore wind farm at Moray Firth in Scotland.
Under the agreement signed with Beatrice Offshore Windfarm Limited (BOWL), Danske will be managing 50% of the total energy output of the offshore facility, which will include all forecasting and trading activities for 294MW of green power.
BOWL project manager Steve Wilson said: "Danske Commodities structured a flexible and competitive solution that met our needs and we look forward to working with them as the project progresses."
Scottish SSE is the majority stakeholder in BOWL with 50% interest, while the remaining stakes are owned by two funds managed by Copenhagen Infrastructure Partners (25%) and Repsol Nuevas Energias UK (25%).
Danske Commodities CEO Dirk Mausbeck said: "The agreement with BOWL is an important milestone for Danske Commodities.
"It builds on our experience in structuring PPAs in Europe and demonstrates our capability as a long-term counterparty in the UK market.
"The growing share of renewable energy will create new types of risks and opportunities for participants in the UK market.
"As a leader in a number of European markets with a large share of renewable energy, we see strong opportunity to support UK renewables with competitive solutions that manage their risk and lower their costs, while meeting the needs of their investors and banking partners."
The offshore wind project is expected to start commercial operations in 2018 or 2019, and is backed by an early investment deal under the Contracts for Difference (CfD) programme by the UK Government.
Image: The offshore wind project is expected to be operational in 2018 or 2019. Photo: courtesy of xedos4/FreeDigitalPhotos.net.