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EDP UK subsidiary closes sale of 20% stake in offshore wind farm

EDP - Energias de Portugal SA announced March 26 that subsidiary EDPR U.K. Ltd. closed the sale of a 20% stake in the Moray offshore wind farm to Mitsubishi Corp.'s U.K.-based subsidiary.

Diamond Generation Europe Ltd. CEO Keiichi Suzuki said in a news release that the project represents the company's "first U.K. power generation project as DGE." The company also agreed to purchase an additional 13.4% interest in the facility under the same terms and conditions. The agreement will make Diamond Generating one of the main shareholders in Moray, along with EDPR and ENGIE.

The U.K. Department for Business, Energy & Industrial Strategy in September 2017 awarded the Moray East project a 15-year contract for difference for 950 MW at a rate of £57.50 per MWh.

"The sale forms part of EDPR's self-funding strategy which enables us to diversify our business and maintain a presence in significant projects such as Moray East, at the same time as engaging in other highly potential and large-scale initiatives for the company," EDPR CEO João Manso Neto said in the news release.

Upon its completion in 2022, Diamond Generating Europe's "in-house professionals" will manage the offshore wind project located 22 kilometers off the coast of Scotland in the North Sea. The company also manages other offshore projects including the 130-MW Luchterduinen in the Netherlands and the 370-MW Norther in Belgium.

Diamond Generating is Mitsubishi Corp.'s platform company to develop, construct and operate power generation projects and downstream business such as trading and storage in the Europe, Middle East and Africa region.

The Mitsubishi acquisition is in line with the European Commission's 2050 roadmap aiming to reduce Europe's greenhouse gas emissions to 80% of 1990 levels and expecting to produce around 50,000 MW of offshore wind capacity by 2030.