RenewableUK is welcoming the announcement by Ocean Winds that Moray West offshore wind farm in the Moray Firth has reached a Final Investment Decision. The 882 megawatt project will power the equivalent of 1.33 million homes a year and is expected to be fully operational by 2025. 

RenewableUK’s Executive Director of Policy Ana Musat said: 
“It’s great to see Moray West reaching a Final Investment Decision as this major offshore wind project will strengthen Britain’s energy security and boost the amount of cheap electricity we can generate for consumers, replacing expensive gas.

“This means that two of the offshore wind projects which won Contracts for Difference in last year’s auction round have reached FID. We hope that conditions will be right for the remaining pipeline of offshore wind projects which also secured CfDs last summer to be able to make similar announcements as soon as possible, as these three projects would save consumers at least £2 billion a year compared to the cost of using gas and would generate enough electricity to power more than five million homes a year.

“To ensure these projects can reach FID, it’s essential to continue improving the investment environment, underpinned by a stable policy and regulatory framework. We need to ensure that the UK remains one of the most attractive destinations in the world for investment in offshore wind. For example, extending the recently-announced capital allowances regime to at least five years would send a strong signal that Britain is the best place to do business. 

“In the longer term, the industry is calling for reforms to ensure that the CfD regime maximises the amount of new capacity we can deliver each year at sustainable prices, as well as securing wider industrial benefits across the broadest possible range of clean technologies. This will help us to build up new supply chains throughout the UK, creating tens of thousands of new jobs and attracting billions in private investment”. 

KeyFacts Renewable Energy Directory: Ocean Winds