Moray East
Located in the Outer Moray Firth. Scotland's then-largest offshore wind farm.
Status
Operationallifecycle stage
Ownership
Location
United KingdomNorth Sea
Technology
Capacity
950 MW ◆
Turbines
100 × 9.5 MW ◆
Model
Mhi Vestas V164 9-5 ◆
Foundation
Jacket ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
Crown Estate Round 3 · 2010 ·
Water depth
37–57 m ◆
Distance from shore
22 km ◆
Wind speed
10.4 m/s @ 150 m ≈
Revenue & grid
Offtake
CfD · AR2 ◆
Grid
Connected ◆
Connection
Grid connection secured. New Deer 275kV substation (upgraded to … ◆
Schedule
FID
2018 ◆
COD
2022-Q2 ◆
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2010-01
Crown Estate Round 3
- Awarded to
- Moray Offshore Renewables (EDPR 75% + SeaEnergy 25%)
- Zone
- Moray Firth zone
- Basis
- seabed award
From the auction results — the round that created the project.
Farmdown · 2017-07
EDPR → Engie 23.3%
- Stake
- 23.3%
- Consideration
- €23.7m
- Implied 100% value
- €102m
- Implied
- €0.11m / MW
- Basis
- Price for the equity
- Announced
- 2017-07
- Closed
- 2017-07-07
- Project stage
- consented
EDPR sold 23% equity shareholding and outstanding shareholder loans in MOWEL to Engie for GBP 21m. Project had Section 36 consent (Mar 2014) but was pre-CfD — CfD award came Sep 2017 at GBP 57.50/MWh. Very low implied valuation reflects pre-CfD development risk. Originally reported GBP 21m. EUR figure at the ECB 2017-07 monthly average (1.1284 EUR per GBP).
Evidence
- offshoreWIND.biz — Engie to Buy 23 Percent Stake in 1.1GW Moray Offshore Wind Project ↗ 2017-07 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2018 ↗ 2019-08-15 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2019 ↗ 2020-07-24 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2022 ↗ 2023-09-28 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2023 ↗ 2024-09-09 ◆ held
- Ofgem — Offshore Transmission: Cost Assessment for the Moray East transmission assets ↗ 2024-02 ◆ held
- Companies House — Moray Offshore Windfarm (East) Limited - accounts to 31 December 2016 ↗ 2017-10-06 ◆ held
- Companies House — Moray Offshore Windfarm (East) Limited - accounts to 31 December 2017 ↗ 2018-07-05 ◆ held
From Hafrok’s transactions record
Farmdown · 2018-03
EDPR → Diamond Generating Europe (Mitsubishi) 20%
- Stake
- 20%
- Consideration
- €40.8m
- Implied 100% value
- €204m
- Implied
- €0.21m / MW
- Basis
- Price for the equity
- Announced
- 2018-03
- Closed
- 2018-03-23
- Project stage
- pre-FID
EDPR sold 20% equity shareholding and outstanding shareholder loans in MOWEL to DGE (Mitsubishi subsidiary) for GBP 36m. The agreement gave DGE an option on a further 13.4%, exercised in November 2018 for GBP 54m (its own entry). Project had CfD (Sep 2017) but was pre-FID (FID Jun 2018). Originally reported GBP 36m. EUR figure at the ECB 2018-03 monthly average (1.1327 EUR per GBP).
Evidence
- edpr.com ↗
- offshoreWIND.biz — Mitsubishi Buys Stake in Scottish Offshore Wind Farm ↗ 2018-03 ◆ held
- EDPR — EDPR announces the sale of a 20% stake in UK wind offshore project ↗ 2018-03-26 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2018 ↗ 2019-08-15 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2019 ↗ 2020-07-24 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2022 ↗ 2023-09-28 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2023 ↗ 2024-09-09 ◆ held
- Ofgem — Offshore Transmission: Cost Assessment for the Moray East transmission assets ↗ 2024-02 ◆ held
- Companies House — Moray Offshore Windfarm (East) Limited - accounts to 31 December 2017 ↗ 2018-07-05 ◆ held
From Hafrok’s transactions record
Farmdown · 2018-11
EDPR → Diamond Generating Europe (Mitsubishi) 13.4%
- Stake
- 13.4%
- Consideration
- €61.0m
- Implied 100% value
- €455m
- Implied
- €0.48m / MW
- Basis
- Price for the equity
- Announced
- 2018-11
- Project stage
- pre-FID
EDPR sold additional 13.4% to DGE for GBP 54m under the option agreed in Mar 2018. DGE held stake via Diamond Green Limited (DGL), which also included Kansai Electric (30% of DGL) and Mitsubishi UFJ Lease (20% of DGL). FID taken Jun 2018; financial close achieved Dec 2018. Higher per-unit valuation than the earlier 20% tranche (GBP 36m) reflects de-risking between CfD and FID. Originally reported GBP 54m, converted at GBP/EUR ~1.13 (2018).
Evidence
- offshoreWIND.biz — EDPR Sells More Moray East Stake ↗ 2018-11 ◆ held
From Hafrok’s transactions record
Farmdown · 2018-12
EDPR → CTG (China Three Gorges) 10%
- Stake
- 10%
- Consideration
- €39.0m
- Implied 100% value
- €390m
- Implied
- €0.41m / MW
- Basis
- Price for the equity
- Announced
- 2018-12
- Project stage
- FID
EDPR sold 10% equity shareholding and outstanding shareholder loans in MOWEL to China Three Gorges (Europe) S.A. for GBP 35m. Project had taken FID (Jun 2018) and achieved financial close (Dec 2018). GBP 2.6bn project finance from 16-bank syndicate plus EKF/JBIC. Originally reported GBP 35m. EUR figure at the ECB 2018-12 monthly average (1.1139 EUR per GBP).
Evidence
- offshoreWIND.biz — China Three Gorges Joins Moray East Team ↗ 2018-12 ◆ held
- Moray Offshore Windfarm (East) Ltd — Moray East windfarm confirms financial close ↗ 2018-12-06 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2018 ↗ 2019-08-15 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2019 ↗ 2020-07-24 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2022 ↗ 2023-09-28 ◆ held
- Companies House — Moray East Holdings Limited - accounts to 31 December 2023 ↗ 2024-09-09 ◆ held
- Ofgem — Offshore Transmission: Cost Assessment for the Moray East transmission assets ↗ 2024-02 ◆ held
From Hafrok’s transactions record
Farmdown · 2023-10
Ocean Winds → Equitix 16.6%
- Stake
- 16.6%
- Consideration
- not disclosed
- Announced
- 2023-10
- Closed
- 2024-05
- Project stage
- operational
Ocean Winds sold 16.6% attributable stake to Equitix. Deal value not disclosed. EDP reported implied EV/MW of GBP 3.1m/MW at announcement and GBP 3.7m/MW at completion — enterprise value figures including transmission and debt, not equity-only. Full commissioning Dec 2021. Post-deal ownership: OW 40%, DGL 33.4%, Equitix 26.6%. EDP's notification gives only an estimate on an enterprise-value basis: 'Moray East implies an estimated EV/MW multiple for EDPR of £3.1m/MW (€3.6m/MW) as of commissioning date, including transmission investments' — a multiple, not a price.
Evidence
- edp.com — Ocean Winds sells minority stake in its 950 MW Moray East offshore project | edp ↗ 2023-10 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (13 Oct 2026). The teal diamond on the spine is origination — the seabed award or round that created the project. Every other ownership event lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Announced-COD history: 2023→2022→2022-04 · 3 recorded revisions · pulled forward -1.2 yr (first announced 2023)
Revenue & offtake contract duration and price levels · money of the day
CfD-backed offtake
● CfD · AR2
Price£57.5/MWh ·Basis2012 real · CPI-indexed
Capacity950 MWAwardedSep 2017Term15 yrs · delivery 2022/23
Money-of-the-day values computed by Hafrok from the United Kingdom CPI index, 2012 real base — actual to 2026-08, then an assumed +2.0%/yr (central-bank target). Cfd terms run 15 years from start of generation in the contracted delivery year.
Contract price over time · £/MWh
solid = actual CPI indexation · dashed = assumed +2.0%/yr
CfD · AR2
Installation how the build is going · from sourced statements and Hafrok’s registers
Installation complete
Installation · on record
StageOperational
In operation since2022-Q2
Offshore construction2019-05 → 2022-Q2
Construction ports
PortPort of Nigg ◇Marshalling / staging — jacket foundations + WTG pre-assembly
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 1
Offshore substationMoray East offshore substation platforms (3, described collectively)·66/220 kV · owner Moray Offshore Windfarm (East) Ltd at build; Transmission Capital Partners named OFTO preferred bidder
Sources & verification
Rests on 19 sources (13 primary) · ◆ 11 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Regulator5
[2]
Marine Scotland (Scottish Government Marine Directorate)2014-03◆ Section 36 Consent - Construction and Op…
“Section 36 Consent - Construction and Operation of MacColl, Stevenson and Telford Offshore Wind Farms, Moray East Offshore Wind Farm ... Decision Notice - Construction and Operation of Stevenson Offsh…”
supportsConsentCoordinatesConsent granted
[3]
UK Department for Business, Energy & Industrial Strategy (BEIS)2017-09-11◆ CfD Allocation Round 2 results
“Moray Offshore Windfarm (East) | Moray Offshore Windfarm (East) Limited | Offshore Wind | 950.00 [MW capacity] | 57.50 [strike price, 2012 prices] | 2022/23 [delivery year] | Scotland ... footnote 3: …”
supportsMechanismDetail
[15]
Department for Energy Security and Net Zero2026-05-06◆ Renewable Energy Planning Database (REPD…
“REPD Q1 2026 quarterly extract — Ref ID 2534: Site Name "Moray East", Development Status "Operational", Installed Capacity 950 MWelec, Operator "Diamond Green Limited, CTG & Ocean Winds"”
supportsRegister entry
[17]
Scottish Government Marine Directorate (MD-LOT)2026-08-23◆ Scottish MD-LOT marine projects register…
“Register row "Moray East Offshore Windfarm" (key ml/moray-east-offshore-windfarm): Application stage "Post-consent", type "Renewables - Wind".”
supportsRegister entry
[20]
Marine Scotland (Scottish Ministers)2014-03-19◆ Section 36 consent decision letter and c…
“19th March 2014 Dear Mr Finch, CONSENT GRANTED BY THE SCOTTISH MINISTERS UNDER SECTION 36 OF THE ELECTRICITY ACT 1989 TO CONSTRUCT AND OPERATE THE TELFORD OFFSHORE WIND FARM ELECTRICITY GENERATING STA…”
supportsConsentConsent granted
Operator5
[1]
Ocean Winds◆ Moray East - Ocean Winds
supportsTurbinesModelUnit capacityTotal capacityDistance from shore
[4]
EDP2023-10-02
“the shareholder structure of Moray East will include OW (40%), Diamond Green Limited (33.4%), Equitix (16.6%) and China Three Gorges (10%). ... The project's final investment decision took place in Ju…”
supportsFinal investment decision
[11]
Moray Offshore Windfarm (East) Limited2019-05-24
“Moray Offshore Wind Farm (East) Limited (known as Moray East) announced that it had commenced offshore construction work on its windfarm of 100 turbines with a generating capacity of 950MW. The first …”
supportsOnshore constructionOffshore construction
[14]
Moray Offshore Windfarm (East) Limited2018-12-06◆ Moray East Wind Farm confirms financial …
“The wind farm is expected to be operational by 2022.”
supportsTotal capacity
[16]
National Energy System Operator (NESO)2026-07-21◆ NESO Transmission Entry Capacity (TEC) R…
“NESO TEC Register, edition 21 July 2026 - PRO-000533: "Moray East Offshore Wind Farm", Status "Built", MW Connected 900, Effective From n/a, Customer "MORAY OFFSHORE WINDFARM (EAST) LIMITED"”
supportsRegister entry
OEM1
[12]
Siemens2019-10-30
“The Moray East substation construction site near New Deer is approximately 205,000 m2 (20.5 hectares), with construction starting at the site in March 2019.”
supportsOnshore constructionOffshore construction
Auction results1
[21]
BEIS (gov.uk)2017-09◆ cfd-ar2-results-2017
Triton Knoll Offshore Wind Farm — Offshore Wind 860.00 MW, GBP 74.75, 2021/22; Hornsea Project 2 (Breesea Limited) — 1,386.00 MW, GBP 57.50, 2022/23; Moray Offshore Windfarm (East) — 950.00 MW, GBP 57…
supportsCfD · AR2
Trade press7
[5]
offshoreWIND.biz2021-06-07
Press report — cited, not quoted; read it at the source link.
supportsFirst powerStatusConnection point
[6]
offshoreWIND.biz2022-04-07◆ Moray East Reaches Full Output | Offshor…
Press report — cited, not quoted; read it at the source link.
supportsCommercial operationCOD history
[7]
offshoreWIND.biz2020-05-04
Press report — cited, not quoted; read it at the source link.
supportsMarshalling / staging — jacket foundations + WTG pre-assembly
[8]
Power Technology
Press report — cited, not quoted; read it at the source link.
supportsFoundation
[9]
Tethys (Pacific Northwest National Laboratory)◆ Moray East | Tethys
“Water Depth: 37-57 m.”
supportsWater depth
[10]
EDP2024-05
“Following this transaction, the shareholder structure of Moray East will include OW (40%), Diamond Green Limited (33.4%), and Equitix (26.6%).”
supportsoperatorowner
[13]