Spanish offshore wind energy company Ocean Winds has agreed to divest a 16.6% stake in its operating Moray East offshore wind farm to UK-based Equitix Investment Management.

The 950MW Moray East offshore wind farm, located in the Moray Firth, 22km off the coast of Scotland, features 100 turbines from Vestas, with 9.5MW capacity each.

The offshore wind farm has been operating since 2022 and can provide clean energy to power 1.43 million homes in Scotland, offsetting 1.4 million tonnes of CO₂ emissions annually.

It generates power at £57.50/MWhr, which is less than half the price of power generated by other offshore wind farms under construction, said Ocean Winds.

The closing of the transaction is subject to the satisfaction of customary conditions.

Upon closing of the transaction, Ocean Winds will hold a 40% stake in Moray East.

It will continue to manage the daily operations of the project from its Operations and Maintenance base in Fraserburgh, said the Spanish wind company.

Ocean Winds UK country manager Adam Morrison said: “The successful sale of shares in the Moray East project stands as a testament to the feasibility and impact of offshore wind projects.

“Ocean Winds is resolute in our commitment to delivering on our promises of development of offshore wind energy in the United Kingdom and this will allow us to keep on investing in the region.

“With the ongoing construction of Moray West and the development of the Caledonia project, Ocean Winds is multiplying the capacity of the Moray Firth region to generate close to 4 GW of clean energy from offshore wind and unlocking key opportunities for supply chain and local communities.”

Ocean Winds is a 50-50 joint venture between Spanish renewable energy company EDP Renewables and French utility ENGIE, formed in 2020.

Equitix is a UK-based investor, developer, and fund manager of core infrastructure assets worldwide, and a renewable energy provider.

HSBC Bank served as financial advisor and CMS as legal counsel to Ocean Winds, on this transaction, while Ashurst served as legal counsel to Equitix.

Equitix chief investment officer Achal Bhuwania said: “We are proud to be making further investment into renewable energy in the UK, adding to our growing fleet of offshore wind, which now comprises a position in a third of the total UK installed offshore wind capacity.

“Making a material contribution to the UK’s energy transition and Net Zero ambitions forms an integral part of our strategic ambitions and partnering with Ocean Winds at Moray East helps us to reach this shared goal.”